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.
Maryland Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a legal notification used in the state of Maryland to inform consumers about changes in their credit charges based on information obtained from a source other than a consumer reporting agency. This notice is crucial for ensuring transparency and compliance with consumer protection laws. Keywords: Maryland, Notice of Increase in Charge, Credit, Information, Person other than Consumer Reporting Agency. Types of Maryland Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency: 1. Notice of Interest Rate Increase: This type of notice is issued when there is an increase in the interest rate applicable to the consumer's credit account. It provides detailed information about the new interest rate, effective date, and reasons for the change. 2. Notice of Annual Fee Increase: If there is an increase in the annual fee associated with a credit account, this type of notice is utilized. It outlines the revised annual fee amount, effective date, and the rationale behind the increase. 3. Notice of Penalty APR Increase: In situations where the penalty APR (Annual Percentage Rate) for a credit account is being raised, this notice is sent to the consumer. It explains the new penalty APR, effective date, and the circumstances triggering the rate change. 4. Notice of Credit Limit Increase/Decrease: When there are modifications in the credit limit of a consumer's account, this notice is issued. It informs the consumer about the adjusted credit limit, effective date, and the reasons for the change. 5. Notice of Fee Adjustment: This type of notice is used when there are changes in various fees associated with a credit account, such as late payment fees, balance transfer fees, or cash advance fees. It provides details about the adjusted fees, effective date, and justifications for the adjustments. Regardless of the specific type, the Maryland Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is designed to ensure that consumers are aware of any changes in their credit terms, fees, or interest rates. It offers transparency and allows consumers to make informed decisions regarding their credit usage.
