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.
New Mexico Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency In New Mexico, a Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is an important document that informs consumers about changes in their credit terms. This notice is issued when a creditor decides to increase the charges or interest rates associated with their credit accounts. Keywords: New Mexico, notice, increase in charge, credit, information, received, person, other than, consumer reporting agency. Types of New Mexico Notices of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency: 1. New Mexico Notice of Increase in Charge: This type of notice is sent to consumers when a creditor decides to raise the charges associated with their credit account. It may include an increase in annual fees, transaction fees, late payment fees, or any other charges applicable to the credit account. 2. New Mexico Notice of Increase in Interest Rate: This notice is sent to consumers when a creditor decides to raise the interest rate associated with their credit account. It informs consumers about the new interest rate, effective date, and any changes in the terms and conditions related to the increased interest rate. 3. New Mexico Notice of Change in Credit Terms: This type of notice is sent to consumers when a creditor decides to modify any other credit terms not directly related to charges or interest rates. It could include changes in credit limits, repayment terms, grace periods, or any other terms that affect the consumer's credit account. 4. New Mexico Notice of Increase due to Information from Non-Consumer Reporting Agency: This specifically indicates that the information used to make the credit rate or charge increase was obtained from a source other than a consumer reporting agency. It ensures transparency and compliance with New Mexico regulations regarding the use of information from non-consumer reporting agencies. It is important for consumers to carefully review these notices to understand the implications of the changes being made to their credit accounts. The notice should provide clear and concise information regarding the changes and allow consumers enough time to respond or dispute the increase if needed. New Mexico law requires creditors to provide a reasonable advance notice period before implementing any changes in the credit terms. This allows consumers to make informed decisions regarding their financial situation and take appropriate action if they disagree with the proposed changes. Please note that this is a general description of what a New Mexico Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency entails and the specific content may vary depending on the creditor and the nature of the credit account.
