FCU - Fair Credit Reporting

§ 1022.141

12 CFR Ch. X (1–1–20 Edition)

maintains files on consumers on a nationwide basis. Foster Ltd.’s conduct
does not violate this part.
(c) Limitation on applicability. Any
person who is otherwise in violation of
paragraph (a) of this section shall be
deemed to be in compliance with this
part if such person is in compliance
with all obligations imposed upon consumer reporting agencies that compile
and maintain files on consumers on a
nationwide basis under the FCRA, 15
U.S.C. 1681 et seq.
§ 1022.141 Reasonable charges for certain disclosures.
Pursuant to section 612(f) of the
FCRA, 15 U.S.C. 1681j(f), the charge imposed by a consumer reporting agency
for a disclosure to the consumer pursuant to section 609 of the FCRA, 15
U.S.C. 1681g, shall not exceed the maximum allowable charge set by the Bureau.

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.

APPENDIX C TO PART 1022—MODEL
FORMS FOR OPT-OUT NOTICES

[84 FR 517, Jan. 31, 2019]

APPENDIX A TO PART 1022 [RESERVED]
APPENDIX B TO PART 1022—MODEL NOTICES OF FURNISHING NEGATIVE IN-

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FORMATION

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,

a. Although use of the model forms is not
required, use of the model forms in this appendix (as applicable) complies with the requirement in section 624 of the Act for clear,
conspicuous, and concise notices.
b. Certain changes may be made to the language or format of the model forms without
losing the protection from liability afforded
by use of the model forms. These changes
may not be so extensive as to affect the substance, clarity, or meaningful sequence of
the language in the model forms. Persons
making such extensive revisions will lose the
safe harbor that this appendix provides. Acceptable changes include, for example:
1. Rearranging the order of the references
to ‘‘your income,’’ ‘‘your account history,’’
and ‘‘your credit score.’’
2. Substituting other types of information
for ‘‘income,’’ ‘‘account history,’’ or ‘‘credit
score’’ for accuracy, such as ‘‘payment history,’’ ‘‘credit history,’’ ‘‘payoff status,’’ or
‘‘claims history.’’
3. Substituting a clearer and more accurate description of the affiliates providing or
covered by the notice for phrases such as
‘‘the [ABC] group of companies,’’ including
without limitation a statement that the entity providing the notice recently purchased
the consumer’s account.
4. Substituting other types of affiliates
covered by the notice for ‘‘credit card,’’ ‘‘insurance,’’ or ‘‘securities’’ affiliates.
5. Omitting items that are not accurate or
applicable. For example, if a person does not
limit the duration of the opt-out period, the

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