Montana Notice of Adverse Action - Non-Employment - Due to Credit Report

State:
Multi-State
Control #:
US-397EM
Format:
Word; 
Rich Text
Instant download

Description

This notice informs a job applicant that he or she will not receive an offer of employment due to negative credit information.

How to fill out Notice Of Adverse Action - Non-Employment - Due To Credit Report?

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FAQ

Continue with the hire or take adverse action Taking adverse action is regrettable for both the organization and the candidate, but eventually you'll need to decide to rescind your job offer or proceed with hiring.

If you've been denied credit because of information in your credit reports, the company you applied with must send you what's known as an adverse action notice. Whether it's for a new credit card, an auto loan or a second date, rejection stings.

An adverse action notice is to inform you that you have been denied credit, employment, insurance, or other benefits based on information in a credit report. The notice should indicate which credit reporting agency was used, and how to contact them.

It must include information about the credit bureau used, an explanation of the specific reasons for the adverse action, a notice of the consumer's right to a free credit report and to dispute its accuracy and the consumer's credit score.

An adverse action notice is to inform you that you have been denied credit, employment, insurance, or other benefits based on information in a credit report. The notice should indicate which credit reporting agency was used, and how to contact them.

An adverse action notice will not hurt your credit score or show up on your credit report. However, if the creditor pulls a hard credit inquiry, this may temporarily lower your scoreand all hard inquiries remain on your credit report for two years.

A creditor must notify the applicant of adverse action within: 30 days after receiving a complete credit application. 30 days after receiving an incomplete credit application. 30 days after taking action on an existing credit account.

The notice must either disclose the applicant's right to a statement of specific reasons within 30 days, or give the primary reasons each creditor relied upon in taking the adverse action - clearly indicating which reasons relate to which creditor.

It must include information about the credit bureau used, an explanation of the specific reasons for the adverse action, a notice of the consumer's right to a free credit report and to dispute its accuracy and the consumer's credit score.

A statement of action taken by the creditor. Either a statement of the specific reasons for the action taken or a disclosure of the applicant's right to a statement of specific reasons and the name, address, and telephone number of the person or office from which this information can be obtained.

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Montana Notice of Adverse Action - Non-Employment - Due to Credit Report