Why Chat: Question about "Regulation B"
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Posted by ikya
(216.99.240.51) on October 10, 2003 at 14:20:00:
I am currently disputing with a creditor, re: adverse action. The creditor sent me a letter, stating this: "Regarding your reference to the FCRA, increases in the APR on an account due to the default of a Card Agreement are not considered an adverse action under Regulation B and do not require adverse action notice. We do however, provide a message on your monthly billing statement in these circumstances." This letter was in response because I contended they violated the FCRA, when they took an adverse action, based on my credit report, ie: raised my interest rate and failed to send me the required notice as stated in the FCRA. A little history: A collection showed up on my credit report in Jan. 2003. Based on that report, the creditor took an adverse action, and raised my APR. They did not send me a notice, as required by the FCRA. They did include a message on my statement, but that message does not adhere to what the FCRA says. I notified the creditor the collection was an error and they basically said "tough s***t", and said that I could request a reduction in my APR in 6 months. (that went over well with me, as you can imagine) It took me 6 months to get the collection deleted from my report. (and no, I didn't pay or settle it, it wasn't mine, it was an error and was deleted) During the time I was working on getting it deleted, I was also working on getting the creditor to change my APR back to where it belonged. After writing them, they agreed to change my APR back and gave me 4 months to get it straighted out, however, they did not credit me back for the higher APR they had charged. Then, after 4 months, they raised the APR again. I sent them a letter, advising them the collection had been corrected, and was no longer on my report. I also sent them a copy of the deletion letter from the Collection Agency. Now, they tell me, "Upon receipt of a copy of your corrected credit report, we would be pleased to review your account". Keep in mind, this is a creditor that pulls my credit report monthly, sometimes twice a month...and they want ME to send them a copy of my credit report? My questions are: The relied soley on my credit report, and took an adverse action based on it: The FCRA regarding this should apply, shouldn't it? The adverse action was based on false information on my credit report, and there was no "default on my part", as they are claiming: Does anyone have a different view on this? Any idea what "Regulation B", is? Is there any case law in reference to those amendments that credit card companies sometimes place in your billing envelope? Does in fact, your alleged failure to respond to them, waive your rights, and automatically make them part of the agreement? (Say for example, you miss reading one of those hidden amendments, or you never actually received them, are your rights to decline automatically lost forever?) (and for argument sake, lets say you did not use your CC since that amendment went into effect)
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