The Fair Credit Reporting Act (FCRA),15 U.S.C. 1681-1681y, requires that this notice be
provided to inform users of consumer reports of their legal obligations. The first section of this summary sets forth the responsibilities imposed by the FCRA on all users of consumer reports. The subsequent sections discuss the duties of users of reports that contain specific types of information, or that are used for certain purposes, and the legal consequences of violations.
New Mexico Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA
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Disclosures to consumers. (a) Every consumer reporting agency shall, upon request and proper identification of any consumer, clearly and accurately disclose to the consumer: (1) The nature and substance of all information (except medical information) in its files on the consumer at the time of the request.
A dispute notice from a consumer must include: 1) Sufficient information to identify the account or other relationship that is in dispute, such as an account number and the name, address, and telephone number of the consumer; 2) The specific information that the consumer is disputing and an explanation of the basis for ...
Section 623(a)(1)(B). If a consumer notifies a furnisher that the consumer disputes the completeness or accuracy of any information reported by the furnisher, the furnisher may not subsequently report that information to a CRA without providing notice of the dispute.
The FCRA gives you the right to be told if information in your credit file is used against you to deny your application for credit, employment or insurance.
Under section 609 of the FCRA, a consumer reporting agency must, upon a consumer's request, disclose to the consumer information in the consumer's file.
If you take adverse action against a consumer based on information in a consumer report, you must tell the consumer. The most common type of adverse action is a denial of credit. Adverse action is defined in the Equal Credit Opportunity Act and the FCRA to include: a denial or revocation of credit.
CRAs compile what are called ?consumer reports,? meaning any written, oral, or other communication of any information by a CRA bearing on a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living.
The Dodd-Frank Act also amended two provisions of the FCRA to require the disclosure of a credit score and related information when a credit score is used in taking an adverse action or in risk-based pricing.
The Dodd-Frank Act also amended two provisions of the FCRA to require the disclosure of a credit score and related information when a credit score is used in taking an adverse action or in risk-based pricing.
Credit Report Adverse Action Letter ? A post-decision form sent by entities to consumers after deciding to deny/reject them due to their credit score and/or other information found in a consumer credit report.