Are Companies Required To Give A Warning Before Damaging Someone's Credit?

Are companies required to give a warning before damaging someone's credit? FACTA requires creditors to notify consumers about negative information placed on their credit reports to allow dispute of fraud or identity theft.

That was one of the great new things in the Fair and Accurate Credit Transaction Act. Consumers are supposed to be notified prior to or within 30 days, if a company is going to report negative information about them to the credit bureaus, and it also allows us to dispute directly with those data furnishers for credit reporting purposes. Consumers are given a lot more power to dispute things on their reports. It also allows us to place a fraudulent notice on our credit reports for 90 days, to at least alert potential creditors that they should check with the consumer to make sure somebody is not applying for credit in their name.

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