10 CFR 1015.204 – Reporting debts
(a) DOE may disclose delinquent debts to consumer reporting agencies in accordance with 31 U.S.C. § 3711(e), the DCIA, the revised Federal Claims Collection Standards (31 CFR parts 900-904) published November 22, 2000, and other applicable authorities. DOE will ensure that all of the rights and protections afforded to the debtor under 31 U.S.C. § 3711(e) have been fulfilled. Additional guidance is contained in Treasury’s “Guide to the Federal Credit Bureau Program,” revised October 2001.
Terms Used In 10 CFR 1015.204
- Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
(b) As described in § 1015.201(e), under the DCIA (31 U.S.C. § 3711(g)), DOE is required to transfer all debts over 180 days delinquent to Treasury for purposes of debt collection (i.e., cross-servicing). As part of its regular debt collection procedures, Treasury will report debts it is collecting to the appropriate designated credit reporting agencies on behalf of DOE. A debt not transferred to Treasury for purposes of debt collection, however, may be subject to the DCIA requirement to report all non-tax delinquent consumer debts to credit reporting agencies.