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.
Pennsylvania Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency In Pennsylvania, when a lender intends to increase the charges for credit based on information obtained from a source other than a consumer reporting agency, they must provide the consumer with a specific notice. This notice, known as the "Pennsylvania Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency," informs the consumer about the increase in charges and provides important details related to the change. The purpose of this notice is to ensure transparency and fair treatment of consumers, allowing them to understand the reasons behind the increased charges and giving them the opportunity to respond or rectify any incorrect or misleading information provided by the lender. Key Content Elements of a Pennsylvania Notice of Increase in charge of Credit: 1. Header: — "Pennsylvania Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency." 2. Introduction: — Explain that the purpose of the notice is to inform the consumer about the upcoming increase in charges for the credit they have obtained. — Emphasize the relevance of the information received from a source other than a consumer reporting agency in triggering this increase. 3. Identification and Summary of Information Used: — Clearly state the specific information that was received from the external source. — Provide a summary of the content, highlighting the reasons why the lender considers it necessary to increase the charges. 4. Explanation of Impact: — Outline how the received information affects the consumer's creditworthiness or the terms of the credit agreement. — Clearly state the exact changes in charges and how they will be calculated. 5. Right to Contest or Correct Information: — Inform the consumer about their right to dispute the accuracy of the information used. — Provide instructions on how to initiate a dispute, including the necessary contact details of the lender or their representative. 6. Response Deadline: — Specify the deadline by which the consumer must raise any objections or provide additional information. — Clearly state the consequences of not responding within the given timeframe. 7. Contact Information: — Provide the lender's contact details, including name, address, phone number, and email, for questions or disputes. Different Types of Pennsylvania Notice of Increase in charge of Credit: 1. Pennsylvania Notice of Increase in charge of Credit Based on Information Received from Person Other Than Consumer Reporting Agency — Individual Credit Account— - This type of notice is applicable when the increase in charges applies to a single credit account provided to an individual consumer. 2. Pennsylvania Notice of Increase in charge of Credit Based on Information Received from Person Other Than Consumer Reporting Agency — Joint Credit Account— - This type of notice is relevant when the credit account in question is held jointly by two or more individuals, and the increased charges will apply to all account holders. Note: It is important to consult the specific regulations and laws of Pennsylvania to ensure compliance and accuracy when drafting a notice of increase in charge of credit.
