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 North Carolina Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is an official document that informs consumers in North Carolina about a change in the terms or charges of their credit agreement. This notice is triggered by information obtained from a source other than a consumer reporting agency. Types of North Carolina Notices of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency may include: 1. Notice of Interest Rate Increase: This type of notice informs consumers that their credit agreement's interest rate will be increased based on information received from a person other than a consumer reporting agency. The notice should provide detailed information about the new interest rate, effective date, and any associated fees. 2. Notice of Fee Increase: This type of notice notifies consumers in North Carolina that certain fees associated with their credit agreement will be increased based on information received from a person other than a consumer reporting agency. The document should clearly state the new fee amount, effective date, and any additional terms or conditions. 3. Notice of Credit Limit Increase: This notice is sent to consumers when their credit limit is increased based on information received from a person other than a consumer reporting agency. It should outline the new credit limit, effective date, and any relevant terms associated with the change. 4. Notice of Penalty APR Increase: This type of notice informs consumers that their credit agreement's penalty annual percentage rate (APR) will be increased based on information received from a person other than a consumer reporting agency. The notice should clearly state the new penalty APR, effective date, and any additional information regarding the change. In all cases, the North Carolina Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency should provide consumers with a clear and detailed explanation of the changes to their credit agreement. It should include important information such as the reason for the increase, the effective date, new terms, and any additional fees or charges involved. It is crucial for the notice to comply with North Carolina state laws and clearly communicate the consumer's rights to dispute or opt-out of the changes if applicable.
