CREDIT BUREAU REQUIREMENT
CREDIT BUREAUS should be REQUIRED to inform consumer before adding any negative credit report to their account.
This will allow the consumer to defend themselves from any reports that they have not been informed about first, and allow them to take action to prevent any negative loss of FICO points on their credit score.
A Google search reported;
Under the Fair Credit Reporting Act (FCRA), creditors must notify consumers before or within 30 days of reporting negative information to a credit bureau. This notification can be included with other mailings like billing statements but cannot be sent with a Truth in Lending Act (TILA) notification. The notice must clearly state that negative information is being furnished and provide details on the account, such as delinquencies, late payments, or defaults.
The Credit Bureaus owe it to it's subscribers, whose information they collect and store. This information needs to be accurate and legitimate. Any illegitimate information received from any third party has to be vetted before it can impact the credit viability of any consumer.
A letter in writing needs to be send to the consumer about whom a negative report has been received.
THIS HISTORICAL TREND HAS TO CHANGE:
SEND THIS TO THE FTC & THE CREDIT BUREAUS
Under the Fair Credit Reporting Act (FCRA), credit bureaus (consumer reporting agencies) are generally not required to contact a consumer before a negative report is added to their file. However, the creditor or furnisher of the information has a duty to notify the consumer.
- Sammy Benjamin
sammybenjamin@gmail.com
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