Pancakes40
Junior Member
What is the name of your state (only U.S. law)? Indiana
I was reading through every provision, rule and definition of the Fair Credit Reporting Act, and cannot see how I'd be wrong to assume financial institutions (Chase, BofA, Capital One) are culpable if they don't tell you they're changing an account status in a derogatory fashion. See key phrases in BOLD:
FCRA § 1681s–2 (a)(7)(a)(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 1681a (p) of this title 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."
Subsection (B) goes on to state that this would need to happen within 30 days.
I never received anything regarding a derogatory status update, which would make the financial institution liable for damages under this section, correct?
I was reading through every provision, rule and definition of the Fair Credit Reporting Act, and cannot see how I'd be wrong to assume financial institutions (Chase, BofA, Capital One) are culpable if they don't tell you they're changing an account status in a derogatory fashion. See key phrases in BOLD:
FCRA § 1681s–2 (a)(7)(a)(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 1681a (p) of this title 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."
Subsection (B) goes on to state that this would need to happen within 30 days.
I never received anything regarding a derogatory status update, which would make the financial institution liable for damages under this section, correct?