Hello everyone and their infinite wisdom. I am looking for the law that states that a CA can not put anything on your credit report until they first contact you, if a such thing exsists. Thanks guys!
Ontrack, PRP is probably talking about the fact that the 5 day notice MUST go out upon the initial contact. Posting to ones CR is a communication.
FACTA?? I am just curious cause there is this tl on my report and its a CA and they never once contacted me....
yeah, was just gonna write them a letter claiming I dont know them, dont owe them money, never heard of them and they better remove it off my report kinda deal...in more intelligent words of course.
FACTA has an initial requirement, but FACTA is not officially 100% active until December 4, 2004... (and even then some provisions are phased in after they begin to be effective, like the free annual credit report provision) Until all of the provisions are in place, the 'old' FCRA is still in place.
The good news is its a part of FACTA... The bad news... It's Section 623(a)(7) of the 'NEW' post-FACTA FCRA, so consumers don't have a private right of action against a financial institution for not complying with the notice requirements. The requirement is an either/or rule as well. They may either provide the notice before, or within 30 days after. But the notice can be included on any disclosure, invoice, or notice which the consumer receives (look at the back of your CC statements, chances are its there already because some states have had that requirement on the books before it was added to the FCRA by FACTA), EXCEPT for one disclosure, the TRUTH IN LENDING DISCLOSURE.
