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

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Multi-State
Control #:
US-01411BG
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Word; 
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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

When information has been used against a consumer, such as being used as a basis to deny employment or loan acceptance, the consumer must be notified. The party using the information against the consumer must tell the consumer which agency gave them the information.

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.

Upon receiving a consumer's proper notice of dispute, the furnisher must conduct a reasonable investigation of the dispute. The furnisher also must review all relevant information provided by the consumer with the dispute notice.

Under the Fair Credit Reporting Act (FCRA), potential lenders are required to provide you with an adverse action notice when they deny you credit based on information in your credit report.

A creditor must notify the applicant of adverse action within: 30 days after receiving a complete credit application. 30 days after receiving an incomplete credit application. 30 days after taking action on an existing credit account.

Understanding the Basics: What Does FCRA Require? The Fair Credit Reporting Act (FCRA) is a federal law that requires you to make a disclosure to employees or applicants informing them that you will obtain a consumer report about them for employment consideration purposes.

Most Frequent Violations of the Fair Credit Reporting Act A user of your information fails to notify you about a negative decision based on your credit report. Failure to notify you of your right to obtain a free credit report. Failure to notify you of the results of an investigation into a debt 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. The FCRA also gives you the right to request and access all the information a consumer reporting agency has about you (this is called "file disclosure").

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