Look at (7)(A)(ii)
(7) Negative Information
(A) Notice to Consumer Required
(i) In general. If any financial institution that extends credit
and regularly and in the ordinary course of business
furnishes information to a consumer reporting agency
described in section 603(p) furnishes negative information
to such an agency regarding credit extended to a
customer, the financial institution shall provide a notice of
such furnishing of negative information, in writing, to the
customer.
(ii) Notice effective for subsequent submissions. After providing
such notice, the financial institution may submit
additional negative information to a consumer reporting
agency described in section 603(p) with respect to the
same transaction, extension of credit, account, or customer
without providing additional notice to the customer.
(B) Time of Notice
(i) In general. The notice required under subparagraph (A)
shall be provided to the customer prior to, or no later than
30 days after, furnishing the negative information to a
consumer reporting agency described in section 603(p).
(ii) Coordination with new account disclosures. If the notice
is provided to the customer prior to furnishing the negative
information to a consumer reporting agency, the notice
may not be included in the initial disclosures provided
under section 127(a) of the Truth in Lending Act.
(C) Coordination with other disclosures. The notice required under
subparagraph (A) –
(i) may be included on or with any notice of default, any
billing statement, or any other materials provided to the
customer; and
(ii) must be clear and conspicuous.
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Opinion expressed are my own and not necessarily those of my employer.