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Home » Store » News » Notice Required of Lenders that Submit Adverse Info to CR Bureaus

Notice Required of Lenders that Submit Adverse Info to CR Bureaus

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Mortgage lenders must notify customers within 30 days prior to or after providing adverse credit information to the major credit bureaus, according to a final rule issued by the Federal Reserve Board. Issued on June 8, the final rule will help lenders comply with the notice requirements of the Fair and Accurate Credit Transactions Act of 2003 if they issue negative customer information to credit reporting agencies.
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