Credit History Notices
Question: This new notice about credit histories, where and when do we have to give the notice?
Answer: There is a great deal of flexibility with this notice. It can be given at the time of delinquency or to all customers at a more general point. If you provide the notice to all customers, you should send a general mailing to all current credit customers and then implement a procedure to provide the notice to applicants or new borrowers. The notice can be combined with other materials but may not be included or placed in a restricted notice such as the Truth in Lending federal box.
If you decide to provide the notice only to customers with credit problems, the notice can be included on the delinquency or late payment notice. Or you can send the notice separately.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 14, 12/04
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