Virginia Notice of Increase in Charge for Credit Based on Information Received From Person Other Than Consumer Reporting Agency

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Multi-State
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US-01411BG
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Description

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.

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FAQ

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. State law may impose additional requirements.

It may also include employment information, present and previous addresses, whether they have ever filed for bankruptcy or owe child support, and any arrest record. In some, but not all, instances, consumers must have initiated a transaction or agreed in writing before the credit bureau can release their report.

The FCRA specifies those with a valid need for access. You must give your consent for reports to be provided to employers. A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer.

Thus, under the FCRA, certain consumer information will be subject to two opt-out notices, a sharing opt-out notice (Section 603(d)) and a marketing use opt-out notice (Section 624). These two opt-out notices may be consolidated. Federal Register to implement this section (72 FR 62910).

A Credit Score Disclosure alerts a consumer of their FICO scores, defines what a FICO is, informs how FICO scores affect their access to consumer credit and provides contact information for the bureaus.

Section 623(a) of the FCRA also requires a person who regularly furnishes information to CRAs to promptly notify a CRA if the person determines the previously furnished information is not complete or accurate.

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 ...

Common violations of the FCRA include: Creditors give reporting agencies inaccurate financial information about you. Reporting agencies mixing up one person's information with another's because of similar (or same) name or social security number.

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Virginia Notice of Increase in Charge for Credit Based on Information Received From Person Other Than Consumer Reporting Agency