Consumer complaint: I have disputed XXXX accounts on my credit report about violation of FCBA and FCRA Section 623 ( a ) ( 7 ) ( G ) ( i ). The XXXX accounts are with XXXX and XXXX. Each company has acknowledge that they did n't follow the law as outlined : Section 623 ( a ) ( 7 ) requires financial institutions to provide consumers with a notice either before negative information is provided to a nationwide consumer reporting agency or within thirty days after reporting the negative information. Financial institutions may provide this disclosure on or with any notice of default, any billing statement, or any other materials provided to the customer, as long as the notice is clear and conspicuous. Institutions may also choose to provide this notice to all customers as an abundance of caution. However, this notice may not be included in the initial disclosures provided under section 127 ( a ) of the Truth in Lending Act. Negative Information For these purposes, negative information is any information concerning a customer 's delinquencies, late payments, insolvency, or any form of default. Nationwide Consumer Reporting Agency FCRA, section 603 ( p ), defines a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis as XXXX that regularly engages in the practice of assembling or evaluating and maintaining the following XXXX pieces of information about consumers residing nationwide, for the purpose of furnishing consumer reports to third parties bearing on an consumer 's creditworthiness, credit standing, or credit capacity : Public record information Credit account information from persons who furnish that information regularly and in the ordinary course of business Model Notices As required by the FCRA, the Federal Reserve Board developed the following model notices that financial institutions may use to comply with these requirements. XXXX model notice is to be used when an institution chooses to provide a notice before furnishing negative information. The other is to be used when an institution provides a notice within thirty days after reporting negative information : Notice prior to communicating negative information ( model XXXX ). ''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. '' Notice within thirty days after communicating negative information ( model XXXX ). ''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. '' Use of the model notices is not required ; however, proper use of the model notices provides financial institutions with a safe harbor from liability. 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 models, but the changes may not be so extensive as to affect the substance, clarity, or meaningful sequence of the language in the models. Institutions making such extensive revisions will lose the safe harbor from liability that the model notices provide. Acceptable changes include, for example, Rearranging the order of the references to ''late payment ( s ) '' or ''missed payment ( s ) '' ; Pluralizing the terms ''credit bureau, '' ''credit report, '' and ''account '' ; Specifying the particular type of account on which information may be furnished, such as ''credit card account '' ; and Rearranging, in model XXXX, 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. '' They ca n't use the welcome packet, agreement or security agreement to fulfill this 

Company response: Company has responded to the consumer and the CFPB and chooses not to provide a public response