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.
Virginia Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a legal document that provides important information to consumers in the state of Virginia. This notice informs the consumer about a potential increase in their credit charges based on information received from a source other than a consumer reporting agency. In Virginia, there are various types of Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency, including: 1. Virginia Notice of Increase in charge of Credit — New Credit Terms: This type of notice is issued when a creditor, based on information obtained from a source other than a consumer reporting agency, determines that the credit terms need to be modified, resulting in an increase in charges for the consumer. 2. Virginia Notice of Increase in charge of Credit — Existing Credit Agreement: This type of notice is sent to consumers when a creditor determines that there is a need to increase charges for an existing credit agreement based on information obtained from a source other than a consumer reporting agency. 3. Virginia Notice of Increase in charge of Credit — Partial Increase: This notice is issued when a creditor decides to increase only a certain portion of the credit charge based on information received from a source other than a consumer reporting agency. This can occur when specific details related to a consumer's profile are identified, leading to a partial increase in charges. The content of a Virginia Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency should include the following key information: — Heading: The notice should include a clear and concise heading stating "Virginia Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency." — Creditor Information: The notice should provide the name, address, and contact information of the creditor issuing the notice. — Consumer Information: The notice should include the consumer's name, address, and other relevant identifying information. — Reason for Increase: The notice should clearly state the reason for the increase in credit charges based on information received from a source other than a consumer reporting agency. It should provide an explanation of the specific factors that led to this decision. — Effective Date: The notice should mention the effective date of the increased charges, allowing the consumer enough time to adjust to the new terms. — Contact Information: The notice should provide contact information for the creditor, allowing the consumer to seek further clarification or ask questions regarding the increase in charges. — Right to Dispute: The notice should inform the consumer of their right to dispute the increase in charges within a specified timeframe and provide instructions on how to do so. — Consequences of Non-payment: The notice should outline the potential consequences of non-payment or delay in accepting the new credit terms, such as late fees or penalties. It is crucial to consult with a legal professional or refer to the specific laws and regulations in Virginia to ensure compliance when creating a Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency.
