Did the DCIA make any changes to the requirements for accounts that are current (i.e., not delinquent)?
Yes. The DCIA now authorizes agencies to report non-delinquent consumer and commercial debt to credit bureaus, providing the agency has provided the necessary Privacy Act notices for consumer debt. The agency must ensure that its system of record notices indicates that it may report current accounts before doing so. • What does an agency do if a current account which it is reporting becomes delinquent? For commercial accounts, the agency would simply change the account status to delinquent. For consumer accounts, the agency must still notify the debtor 60 days in advance of changing the status of the account to delinquent. Treasury is working with the credit bureaus to determine if there is a suitable status for reporting these types of accounts during the notice period. Treasury will keep the agencies advised of any changes. • Does the DCIA require lenders to report to credit bureaus, both delinquent and non-delinquent debts? Yes.
Yes. The DCIA now authorizes agencies to report non-delinquent consumer and commercial debt to credit bureaus, providing the agency has provided the necessary Privacy Act notices for consumer debt. The agency must ensure that its system of record notices indicates that it may report current accounts before doing so. • What does an agency do if a current account which it is reporting becomes delinquent? For commercial accounts, the agency would simply change the account status to delinquent. For consumer accounts, the agency must still notify the debtor 60 days in advance of changing the status of the account to delinquent. Treasury is working with the credit bureaus to determine if there is a suitable status for reporting these types of accounts during the notice period. Treasury will keep the agencies advised of any changes. • Does the DCIA require lenders to report to credit bureaus, both delinquent and non-delinquent debts? Yes. The DCIA now requires lenders to report all extensions
Related Questions
- Are these changes to requirements for public librarian professional certificates essentially requiring a lifetime of "formal" education for public librarians?
- Did the DCIA make any changes to the requirements for accounts that are current (i.e., not delinquent)?
- Is OLA open to suggestions for changes to the requirements?
