[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR204.76]

[Page 216]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 204--RULES RELATING TO DEBT COLLECTION--Table of Contents
 
 Subpart D--Miscellaneous: Credit Bureau Reporting, Collection Services
 
Sec. 204.76  Use of credit bureau or consumer reporting agencies.

    (a) The Commission may report delinquent debts to consumer reporting 
agencies (See 31 U.S.C. 3701(a)(3), 3711). Sixty days prior to release 
of information to a consumer reporting agency, the debtor shall be 
notified, in writing, of the intent to disclose the existence of the 
debt to a consumer reporting agency. Such notice of intent may be a 
separate correspondence or included in correspondence demanding direct 
payment. The notice shall be in conformance with 31 U.S.C. 3711(f) and 
the Federal Claims Collection Standards. The Commission shall provide, 
in this notice, the debtor with:
    (1) An opportunity to inspect and copy agency records pertaining to 
the debt;
    (2) An opportunity for an administrative review of the legal 
enforceability or past due status of the debt;
    (3) An opportunity to enter into a repayment agreement on terms 
satisfactory to the Commission to prevent the Commission from reporting 
the debt as overdue to consumer reporting agencies, and provide 
deadlines and method for requesting this relief;
    (4) An explanation of the rate of interest that will accrue on the 
debt, that all costs incurred to collect the debt will be charged to the 
debtor, the authority for assessing these costs, and the manner in which 
the Commission will calculate the amount of these cost;
    (5) An explanation that the Commission will report the debt to the 
consumer reporting agencies to the detriment of the debtor's credit 
rating; and
    (6) A description of the collection actions that the agency may take 
in the future if those presently proposed actions do not result in 
repayment of the loan obligation, including the filing of a lawsuit 
against the borrower by the agency and assignment of the debt for 
collection by offset against Federal income tax refunds or the filing of 
a lawsuit against the debtor by the Federal Government.
    (b) The information that may be disclosed to the consumer reporting 
agency is limited to:
    (1) The debtor's name, address, social security number or taxpayer 
identification number, and any other information necessary to establish 
the identity of the individual;
    (2) The amount, status, and history of the claim; and
    (3) The Commission program or activity under which the claim arose.