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 Florida Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is an important legal document that is issued by a creditor to inform a borrower about the changes in credit terms and conditions. This notice specifically refers to situations where the increase in charges on credit is based on information obtained from a source other than a consumer reporting agency. The purpose of this notice is to provide transparency and fairness in the lending process. It ensures that borrowers are aware of any changes in interest rates, fees, or other charges associated with their credit accounts. By receiving this notice, consumers have the opportunity to review and assess the potential impact of these changes on their financial circumstances. In Florida, there may be different variations or types of the Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency, depending on the specific terms and conditions outlined by the creditor. These variations might include: 1. Notice of Increased Interest Rate: This type of notice informs the borrower that the interest rate on their credit account is being increased based on the information received from an alternative source. 2. Notice of Additional Fees: This variation notifies the borrower that new or increased fees will be imposed on their credit account due to information obtained from a source other than a consumer reporting agency. 3. Notice of Change in Terms: This type of notice encompasses any change in the terms and conditions of the credit agreement, including both interest rate increases and additional fees based on alternative information sources. 4. Notice of Adjustment in Credit Limit: In certain cases, a creditor might issue this notice to inform the borrower that their credit limit is being adjusted due to information obtained from a third-party other than a consumer reporting agency. The content of a Florida Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency should include the following key elements: 1. Creditor's Information: This includes the name, address, and contact details of the creditor issuing the notice. 2. Borrower's Information: The notice should clearly identify the borrower, including their name, account number, and any other relevant identification details. 3. Effective Date: The date from which the changes mentioned in the notice will come into effect. 4. Explanation of Changes: The notice must provide a detailed description of the specific changes being made to the credit account, such as increased interest rates, additional fees, or adjustments in credit limits. It should also mention the rationale behind these changes based on information received from a source other than a consumer reporting agency. 5. Right to Reject Changes: The notice should inform the borrower about their right to reject the changes. It should clearly state any specific procedures or guidelines that need to be followed if the borrower chooses to reject the changes. 6. Contact Information: The notice should provide information about how the borrower can contact the creditor if they have any questions or concerns regarding the changes. It is crucial for borrowers to carefully review this notice and understand its implications. They should consider seeking legal or financial advice if necessary to assess the impact of these changes on their financial situation. Understanding the content and importance of a Florida Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency can help borrowers make informed decisions and take appropriate actions to protect their interests.
