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.
