§ 1639.5 Use of credit reporting agencies.

(a) The Board may report delinquent debts to appropriate credit reporting agencies by providing the following information: (1) A statement that the debt is valid and is overdue; (2) The name, address, taxpayer identification number, and any other information necessary to establish the identity of the debtor; (3) The amount, status, and history of the debt; and (4) The program or pertinent activity under which the debt arose. (b) Before disclosing debt information to a credit reporting agency, the Board will: (1) Take reasonable action to locate the debtor if a current address is not available; and (2) If a current address is available, notify the debtor by certified mail, return receipt requested: (i) That a designated Board official has reviewed the claim and has determined that the claim is valid and over-due; (ii) That within 60 days the Board intends to disclose to a credit reporting agency the information authorized for disclosure by this section; and (iii) That the debtor can request an explanation of the claim, can dispute the information in the Board's records concerning the claim, and can file for an administrative review, waiver, or reconsideration of the claim, where applicable. (c) At the time debt information is submitted to a credit reporting agency, the Board will provide a written statement to the reporting agency that all required actions have been taken. In addition, the Board will, thereafter, ensure that the credit reporting agency is promptly informed of any substantive change in the conditions or amount of the debt, and promptly verify or correct information relevant to the claim. (d) If a debtor disputes the validity of the debt, the credit reporting agency will refer the matter to the appropriate Board official. The credit reporting agency will exclude the debt from its reports until the Board certifies in writing that the debt is valid.