|
Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Software Kits. For credit repair services, Lexington Law Firm
is the most trusted law firm in America, with over 15 years of experience.
Fair Credit Reporting Act
605. Requirements relating to information contained in consumer reports [15 U.S.C. 1681c]
(a) Information excluded from consumer reports. Except as authorized under subsection
(b) of this section, no consumer reporting agency may make any consumer report containing
any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that,
from the date of entry of the order for relief or the date of adjudication, as
the case may be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry,
antedate the report by more than seven years or until the governing statute of
limitations has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than
seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate
the report by more than seven years.
(5) Any other adverse item of information, other than records of convictions
of crimes which antedates the report by more than seven years.1
(6) The name, address, and telephone number of any medical
information furnisher that has notified the agency of its status, unless--
(A) such name, address, and telephone number are restricted or reported using
codes that do not identify, or provide information sufficient to infer, the
specific provider or the nature of such services, products, or devices to a
person other than the consumer; or
(B) the report is being provided to an insurance company for a purpose relating
to engaging in the business of insurance other than property and casualty insurance.
(b) Exempted cases. The provisions of paragraphs (1) through (5) of subsection
(a) of this section are not applicable in the case of any consumer credit report
to be used in connection with (1) a credit transaction involving, or which may reasonably
be expected to involve, a principal amount of $150,000 or more;
(2) the underwriting of life insurance involving, or which may reasonably be
expected to involve, a face amount of $150,000 or more; or
(3) the employment of any individual at an annual salary which equals, or which
may reasonably be expected to equal $75,000, or more.
(c) Running of Reporting Period
(1) In general. The 7-year period referred to in paragraphs (4) and (6) of subsection
(a) shall begin, with respect to any delinquent account that is placed for
collection (internally or by referral to a third party, whichever is earlier),
charged to profit and loss, or subjected to any similar action, upon the expiration
of the 180-day period beginning on the date of the commencement of the delinquency
which immediately preceded the collection activity, charge to profit and loss,
or similar action.
(2) Effective date. Paragraph (1) shall apply only to items of information added
to the file of a consumer on or after the date that is 455 days after the date
of enactment of the Consumer Credit Reporting Reform Act of 1996.
(d) Information Required to be Disclosed
(1) Title 11 information. Any consumer reporting agency that furnishes a consumer
report that contains information regarding any case involving the consumer that
arises under title 11, United States Code, shall include in the report an identification
of the chapter of such title 11 under which such case arises if provided by the
source of the information. If any case arising or filed under title 11, United
States Code, is withdrawn by the consumer before a final judgment, the consumer
reporting agency shall include in the report that such case or filing was withdrawn
upon receipt of documentation certifying such withdrawal.
(2) Key factor in credit score information. Any consumer reporting agency that
furnishes a consumer report that contains any credit score or any other risk score
or predictor on any consumer shall include in the report a clear and conspicuous
statement that a key factor (as defined in section 609(f)(2)(B)
that adversely affected such score or predictor was the number of enquiries, if
such a predictor was in fact a key factor that adversely affected such score.
This paragraph shall not apply to a check services company, acting as such, which
issues authorizations for the purpose of approving or processing negotiable instruments,
electronic fund transfers, or similar methods of payments, but only to the extent
that such company is engaged in such activities.
(e) Indication of closure of account by consumer. If a consumer reporting agency
is notified pursuant to section 623(a)(4) [§ 1681s-2]
that a credit account of a consumer was voluntarily closed by the consumer, the
agency shall indicate that fact in any consumer report that includes information
related to the account.
(f) Indication of dispute by consumer. If a consumer reporting agency is notified
pursuant to section 623(a)(3) [§ 1681s-2] that information
regarding a consumer who was furnished to the agency is disputed by the consumer,
the agency shall indicate that fact in each consumer report that includes the disputed
information.
(g) Truncation of Credit Card and Debit Card Numbers (1) In general. Except as
otherwise provided in this subsection, no person that accepts credit cards or debit
cards for the transaction of business shall print more than the last 5 digits of
the card number or the expiration date upon any receipt provided to the cardholder
at the point of the sale or transaction.
(2) Limitation. This subsection shall apply only to receipts that are electronically
printed, and shall not apply to transactions in which the sole means of recording
a credit card or debit card account number is by handwriting or by an imprint
or copy of the card.
(3) Effective date. This subsection shall become effective--
(A) 3 years after the date of enactment of this subsection, with respect to
any cash register or other machine or device that electronically prints receipts
for credit card or debit card transactions that is in use before January 1,
2005; and
(B) 1 year after the date of enactment of this subsection, with respect to
any cash register or other machine or device that electronically prints receipts
for credit card or debit card transactions that is first put into use on or
after January 1, 2005.
(h) Notice of Discrepancy in Address
(1) In general. If a person has requested a consumer report relating to a consumer
from a consumer reporting agency described in section 603(p),
the request includes an address for the consumer that substantially differs from
the addresses in the file of the consumer, and the agency provides a consumer
report in response to the request, the consumer reporting agency shall notify
the requester of the existence of the discrepancy.
(2) Regulations
(A) Regulations required. The Federal banking agencies, the National Credit
Union Administration, and the Commission shall jointly, with respect to the
entities that are subject to their respective enforcement authority under section
621, prescribe regulations providing guidance regarding reasonable policies
and procedures that a user of a consumer report should employ when such user
has received a notice of discrepancy under paragraph (1).
(B) Policies and procedures to be included. The regulations prescribed under
subparagraph (A) shall describe reasonable policies and procedures for use by
a user of a consumer report—
(i) to form a reasonable belief that the user knows the identity of the person
to whom the consumer report pertains; and
(ii) if the user establishes a continuing relationship with the consumer,
and the user regularly and in the ordinary course of business furnishes information
to the consumer reporting agency from which the notice of discrepancy pertaining
to the consumer was obtained, to reconcile the address of the consumer with
the consumer reporting agency by furnishing such address to such consumer
reporting agency as part of information regularly furnished by the user for
the period in which the relationship is established.
[
BACK
]
[
INDEX
]
[
NEXT
]
Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Software Kits. For credit repair services, Lexington Law Firm
is the most trusted law firm in America, with over 15 years of experience.
|
Click Below To Check Out More Financial Resources
|
|
|
|
|
The Center For Debt Management™
Helping Consumers Save Money and Reduce Debt Is Our Only Business!™
We invite you to explore the sectors listed below. We promise that you'll find exceptional values, offers and resources in which to reduce your living expenses and to enjoy life!
|
Debt Management and Financial Services! The Internet's oldest and most comprehensive debt management
agency! Resources for debt management, consumer credit counseling, debt consolidation, debt reduction settlements, legal aid, financial aid, loans and financing, credit repair, credit reports, insurance quotes, income sources, tax assistance, and more.
Established in 1989 and serving the online community since 1992!
|
Fair Credit Reporting Act: FCRA Requirements relating to information contained in consumer reports
|
|
