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#310796 - 01/31/05 09:18 PM FACT ACT Disclosures
Anonymous
Unregistered

I am new to the FACT ACT. What disclosures have to be given to the consumer regarding a credit report? By reading the information it seems there has to be a disclosure with every credir report pulled if it is for consumer purpose? Does there have to a lobby notice regarding this ACT? Thanks.

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#310797 - 01/31/05 09:25 PM Re: FACT ACT Disclosures
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,698
Bloomington, IN
No lobby notice.

The section 212 disclosures only have to be given when the loan request is initiated by a consumer, is for a consumer purpose and will be secured by 1-4 units of residential real property.

The section 217 disclosures must be given before you report negative information to a national credit reporting agency, or within 30 days after reporting the negative information.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#310798 - 01/31/05 09:52 PM Re: FACT ACT Disclosures
Anonymous
Unregistered

Is there a standard format for the section 212 disclosures and the section 217 disclosures on this website? Thanks.

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#310799 - 02/01/05 04:45 PM Re: FACT ACT Disclosures
Chris Kilian Offline
Junior Member
Joined: Nov 2004
Posts: 47
Western Region
Quote:

Is there a standard format for the section 212 disclosures and the section 217 disclosures on this website? Thanks.




The format is outlined in the act which you can download and read from here.FACT Act , which if you are new to the FACT Act you should read.

There are some very helpful tools you can use on BOL here FACT Act Compliance Tools
Have fun.

Chris
Last edited by Chris K.; 02/01/05 04:58 PM.
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