More FACTA Notices
Just what your customers wanted to hear - the news that you have reported their undesirable credit behavior to a credit bureau. Creditors will have to send a notice to the borrower explaining that negative information has been reported. The notice should go to the customer within 30 days of the negative report. The only good news here is that one notice is enough for a delinquency pattern. Look for regulations and a model notice. This is a credit-specific rule. It does not apply to deposit information.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 16, 1/04
First published on 01/01/2004