Whenever credit for personal, family, or household purposes involving a consumer is denied or the charge for the credit is increased either wholly or partly because of information obtained from a person other than a credit reporting agency bearing on the consumer's creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, certain requirements must be met. The user of such information, when the adverse action is communicated to the consumer, must clearly and accurately disclose the consumer's right to make a written request for disclosure of the information. If such a request is made and is received within 60 days after the consumer learned of the adverse action, the user, within a reasonable period of time, must disclose to the consumer the nature of the information.
A District of Columbia Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a formal document that informs the consumer of an impending increase in credit charges based on information received from a source other than a consumer reporting agency. This notice is specific to the District of Columbia and serves to notify the consumer about adjustments in credit charges. Here are some types of District of Columbia Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency: 1. Standard Notice of Increase: This type of notice is issued when the creditor, such as a bank or credit card company, notifies the consumer regarding a general increase in their credit charges. The information leading to this increase may be obtained from a non-consumer reporting agency. 2. Interest Rate Adjustment Notice: This kind of notice is sent to the consumer when there is a change in the interest rate associated with their credit account. The creditor discloses the revised interest rate and the reasons for the adjustment based on information obtained from a source other than a consumer reporting agency. 3. Fee Modification Notice: In this case, the notice informs the consumer about the modification in fees associated with their credit account. These changes may include alterations in annual fees, late payment charges, balance transfer fees, or any other charges related to the credit facility. The information prompting these changes is obtained from a non-consumer reporting agency. 4. Penalty Rate Imposition Notice: When a consumer fails to meet certain conditions or violates the terms of their credit agreement, a penalty or default interest rate may be imposed. This type of notice is sent to the consumer, notifying them about the increased charges resulting from the imposition of a penalty rate. The creditor bases this adjustment on information received from a source other than a consumer reporting agency. 5. Credit Limit Adjustment Notice: A credit limit adjustment notice is issued to inform the consumer about changes in their credit limit. These changes can be either an increase or a decrease in the available credit amount. The creditor discloses the new credit limit and specifies the reasons for the modification, based on information received from a person other than a consumer reporting agency. In summary, a District of Columbia Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a formal notice that informs consumers about changes in credit charges, interest rates, fees, penalty rates, or credit limits. These adjustments are made based on information obtained from a source other than a consumer reporting agency. It is important for consumers to carefully review such notices to understand the changes that will affect their credit accounts.
