Appendix B to Part 1022 - Model Notices of Furnishing Negative Information
12:8.0.2.1.18.15.1.1.36 : Appendix B
Appendix B to Part 1022 - Model Notices of Furnishing Negative
Information
a. Although use of the model notices is not required, a
financial institution that is subject to section 623(a)(7) of the
FCRA shall be deemed to be in compliance with the notice
requirement in section 623(a)(7) of the FCRA if the institution
properly uses the model notices in this appendix (as
applicable).
b. A financial institution may use Model Notice B-1 if the
institution provides the notice prior to furnishing negative
information to a nationwide consumer reporting agency.
c. A financial institution may use Model Notice B-2 if the
institution provides the notice after furnishing negative
information to a nationwide consumer reporting agency.
d. Financial institutions may make certain changes to the
language or format of the model notices without losing the safe
harbor from liability provided by the model notices. The changes to
the model notices may not be so extensive as to affect the
substance, clarity, or meaningful sequence of the language in the
model notices. Financial institutions making such extensive
revisions will lose the safe harbor from liability that this
appendix provides. Acceptable changes include, for example,
1. Rearranging the order of the references to “late payment(s),”
or “missed payment(s).”
2. Pluralizing the terms “credit bureau,” “credit report,” and
“account.”
3. Specifying the particular type of account on which
information may be furnished, such as “credit card account.”
4. Rearranging in Model Notice B-1 the phrases “information
about your account” and “to credit bureaus” such that it would read
“We may report to credit bureaus information about your
account.”
Model Notice B-1
We may report information about your account to credit bureaus.
Late payments, missed payments, or other defaults on your account
may be reflected in your credit report.
Model Notice B-2
We have told a credit bureau about a late payment, missed
payment or other default on your account. This information may be
reflected in your credit report.