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Voluntary Closing of Account By Consumer
LAWDOG is intended to assist in the understanding of basic concepts. See Disclaimer. Always obtain legal advice from legal professionals.
Generally, the voluntary closing of an account by a consumer must be reported by regular furnishers of information. A person who regularly and in the ordinary course of business furnishes information to a consumer reporting agency regarding a consumer who has a credit account with that person must notify the agency of the voluntary closure of the account by the consumer for the period in which the account was closed. A portion of Section 623(a) of the Fair Credit Reporting Act, as amended, is included below for illustration purposes only.
For more information, see "Duty To Report Voluntary Closing of Account" linked here. Link does not return to this page.
A portion of Section 623.
Responsibilities of furnishers of information to consumer reporting agencies
(a) Duty of furnishers of information to provide accurate
information.
.......
(4) Duty to provide notice of closed accounts. A person who regularly and in the ordinary course of business furnishes information to a consumer reporting agency regarding a consumer who has a credit account with that person shall notify the agency of the voluntary closure of the account by the consumer, in information regularly furnished for the period in which the account is closed. ...
A copy of The Fair Credit Reporting Act, As Amended, and a copy of the FTC Official Staff Commentary to the Fair Credit Reporting Act are included, for illustration purposes only, under "Fair Credit Reporting Resources", from LAWDOG Credit Reporting Center, or here. Use browser "back" button to return. Read Notices, Caution and Disclaimer.
