The Fair Credit Reporting Act (FCRA) is designed to help ensure that credit bureaus furnish correct and complete information to businesses to use when evaluating your application. Your rights include:
The right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
The right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment purposes.
Any company that denies your application must supply the name and address of the credit bureau they contacted, provided the denial was based on information given by the credit bureau.
The right to a free copy of your credit report when your application is denied because of information supplied by the credit bureau. Your request must be made within 60 days of receiving your denial notice.
If you contest the completeness or accuracy of information in your report, you should file a dispute with the credit bureau and with the company that furnished the information to the bureau. Both the credit bureau and the furnisher of information are legally obligated to investigate your dispute.
A right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction.
Arkansas Request for Disclosure of Reasons for Increasing Charge for Credit Regarding Credit Application Where Action Was Based on Information Not Obtained by Reporting Agency: In the state of Arkansas, individuals have the right to request a disclosure of reasons for an increased charge on their credit regarding a credit application. This request is made when the charging party has taken action based on information that was not obtained from a reporting agency. There are two types of situations where this request may be applicable: 1. When an individual's credit application is denied based on information not obtained by a reporting agency, and the credit issuer increases charges as a result. 2. When an individual's credit application is approved, but the credit issuer later increases charges based on information not obtained by a reporting agency. The Arkansas Request for Disclosure allows individuals to gain insight into the reasons behind the increased charge on their credit. By submitting this request, they can understand why the credit issuer made decisions based on non-reporting agency information. It is essential to include relevant keywords in the request to ensure clarity and precision. Some of the keywords that should be incorporated are: Arkansassa— - Request for Disclosure - Increasing Charge for Credit — CrediApplicationio— - Action - Information Not Obtained — Reporting Agency Upon submitting the request, individuals should expect to receive a detailed disclosure from the credit issuer. This disclosure will provide an explanation of the specific information that influenced their decision to increase charges. It may include details about the non-reporting agency information, the factors considered, and the basis for the increased charge. By obtaining this disclosure, individuals can assess the accuracy and validity of the non-reporting agency information used by the credit issuer. This information can be crucial in understanding the decision-making process and potentially disputing any incorrect or misleading information that may have led to the increased charge. In conclusion, the Arkansas Request for Disclosure of Reasons for Increasing Charge for Credit Regarding Credit Application Where Action Was Based on Information Not Obtained by Reporting Agency empowers individuals to obtain an explanation for increased charges. By leveraging this request and understanding the specific reasons behind the decision, individuals can take appropriate actions to address any inaccuracies or disputes.
