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.
Title: New Hampshire Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency Keywords: New Hampshire, Notice of Increase, Charge for Credit, Information Received, Person Other Than Consumer Reporting Agency Description: The New Hampshire Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a statutory requirement for creditors in the state who intend to raise the interest rate or charge on a credit account, based on information received from a source other than a consumer reporting agency. This notice is crucial to ensure transparency and compliance with state regulations. Types of New Hampshire Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency: 1. General Notice of Increase: This notice is used when a creditor, upon reviewing information received from a source other than a consumer reporting agency, decides to increase the charge or interest rate for a credit account. The notice should clearly explain the reason for the increase and provide detailed information regarding the new terms and conditions of the credit account. 2. Notice of Increase for Risk-Based Pricing: This notice is utilized when a creditor relies on information received from a source other than a consumer reporting agency to determine the terms and conditions, including interest rates, to be offered to a consumer. The notice must disclose that the terms offered are based on the consumer's creditworthiness and provide information on credit scores and other factors used in making the determination. 3. Notice of Increase Due to Credit Score Changes: This notice is specific to situations where a creditor adjusts the charge or interest rate for a credit account based on changes in the consumer's credit score, which is obtained from a source other than a consumer reporting agency. The notice should clearly state the reason for the increase, the specific credit score changes, and any other relevant factors considered in making the adjustment. 4. Notice of Increase for Adverse Action: In cases where a creditor increases the charge or interest rate for a credit account based on information from a person other than a consumer reporting agency that results in an adverse action against the consumer, this notice is used. It should clearly explain the adverse action taken and provide information on the specific reasons for the increase. It is important for creditors in New Hampshire to carefully draft and send out these notices to consumers to maintain transparency, comply with state regulations, and ensure fairness in credit transactions.
