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.
South Dakota Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a legal document which outlines the changes in credit-related charges based on information received from a source other than a consumer reporting agency. This notice is required to be provided to the consumer in accordance with South Dakota state law. There are two common types of South Dakota Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency: 1. South Dakota Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency — Individual Consumer: This type of notice is specific to an individual consumer and pertains to the increase in credit charges based on information obtained from a person or entity other than a consumer reporting agency. It includes relevant details such as the consumer's personal information, the new charges, the effective date of the increase, and information about the person or entity providing the information. 2. South Dakota Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency — Joint Consumers: This type of notice applies when there are joint consumers involved. It specifies that the credit charges are being increased based on information received from a source other than a consumer reporting agency, and provides details related to the joint consumers' personal information, the increased charges, the effective date, and information about the source of the information. In both types of notices, the purpose is to inform the consumer(s) about the increase in charges and the rationale behind it. The information received from the person or entity (other than a consumer reporting agency) is typically related to the consumer's creditworthiness, payment history, or other factors that may impact the risk associated with extending credit. It is important to note that South Dakota law requires these notices to be provided to consumers within a specific timeframe prior to implementing the increase in credit charges. Failure to provide the notice in a timely manner may have legal consequences for the creditor. As with any legal document, it is recommended that consumers and creditors seek professional advice or consult relevant statutes to ensure compliance and understanding of their specific obligations and rights regarding the South Dakota Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency.
