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.
Title: Understanding the Kansas Request for Disclosure of Reasons for Increasing Charge for Credit Regarding Credit Application Where Action Was Based on Information Not Obtained by Reporting Agency Introduction: The Kansas Request for Disclosure of Reasons for Increasing Charge for Credit is designed to protect consumers when their credit application has been subject to an increased charge due to information that was not obtained by the reporting agency. This document aims to provide a comprehensive description of this request, outlining its purpose, procedure, and any different types that may exist. Keywords: Kansas, Request for Disclosure, Increasing Charge for Credit, Credit Application, information, Reporting Agency 1. Purpose of Kansas Request for Disclosure: The primary objective of the Kansas Request for Disclosure of Reasons for Increasing Charge for Credit is to empower consumers by providing them with a legal right to obtain information when an increased charge for credit is imposed based on undisclosed or non-verifiable information by the reporting agency. 2. Understanding the Credit Application: A credit application is a formal request submitted by an individual to a financial institution seeking credit (such as loans, credit cards, or mortgages) based on their creditworthiness. The application typically involves sharing personal and financial information. 3. Information Not Obtained by Reporting Agency: The Kansas Request for Disclosure applies when a reporting agency has relied on undisclosed information to increase the charge for credit on a particular credit application. This undisclosed information was not obtained by the reporting agency during the credit evaluation process. 4. Procedure for Requesting Disclosure: To request disclosure, the consumer must follow a set procedure, which typically involves submitting a written request to the reporting agency that provided the adverse action based on undisclosed information. The request should specifically seek the reasons behind the increase in charge of credit. 5. Different Types of Kansas Request for Disclosure: Though there may be variations in the format or form used to request disclosure, there are no official distinct types of the Kansas Request for Disclosure. However, it is important to note that different types of credit applications (e.g., personal loans, auto loans, credit cards) can be subject to this request if they meet the criteria outlined by the Kansas law. 6. Consumer Rights and Protection: The Kansas Request for Disclosure of Reasons for Increasing Charge for Credit ensures that consumers are provided with an opportunity to address discrepancies or inaccuracies in their credit application process. It allows them to gain access to information utilized to make the decision regarding increased charges for credit. Conclusion: The Kansas Request for Disclosure empowers consumers by enabling them to obtain insights into the reasons behind increased charges for credit, specifically when the action was based on information not obtained by the reporting agency. This request ensures transparency, accountability, and protection of consumer rights in credit application processes.
