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#100446 - 07/24/03 06:17 PM Privacy Notices
Anonymous
Unregistered

We maintain a customer information file for a customer even if they file bankruptcy and a loan is charged off. This is primarily to track customers never to lend to again. When the privacy notices were mailed, such customers received a notice. Were we in violation of some b/r law? All bankruptcies were discharged.....The main complaint was the fact that through the privacy notcie we obtained a new adress on customer? Does anyone have an opinion on this? Just for the record....all bankruptcy will be coded for no privacy mailing in 2004!

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General Discussion
#100447 - 07/24/03 07:10 PM Re: Privacy Notices
SkyDiver Offline
Gold Star
SkyDiver
Joined: Jul 2002
Posts: 274
Northeast
A charged off loan does not need a privacy notice. A loan still on the books, even though customer is bankrupt, should be sent an annual notice.

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#100448 - 07/24/03 07:26 PM Re: Privacy Notices
Gotwood Offline
Platinum Poster
Joined: May 2001
Posts: 715
I do not believe you were in violation of any bankruptcy laws. To me this is the same as sending a privacy notice to non customers. It may confuse them since they have no relationship with you, but it isn't a violation.

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#100449 - 07/25/03 03:04 PM Re: Privacy Notices
StevenD Offline
Gold Star
StevenD
Joined: Nov 2000
Posts: 489
KY
There have been a lot of questions on this subject. If you are still actively trying to collect a charged off loan, some folks are of the opinion that you still have an ongoing relationship to that customer. Its not a good relationship for sure, but it is a relationship.
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Opinion expressed are my own and not necessarily those of my employer.

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