Thread Starter: Dan Persfull
Title: Re: FCRA & Chexsystems--help!
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reporting closed accounts to chexsystems would require a negative information sharing notice?
No.
FACT Act Section 217
‘‘(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.
FCRA 603
(p) Consumer Reporting Agency That Compiles and Maintains Files on Consumers on a Nationwide Basis.— The term “consumer reporting agency that compiles and maintains files on consumers on a nationwide basis†means a consumer reporting agency that regularly engages in the practice of assembling or evaluating, and maintaining, for the purpose of furnishing consumer reports to third parties bearing on a consumer’s credit worthiness,6 credit standing, or credit capacity, each of the following regarding consumers residing nationwide:
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