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.
Virgin Islands Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency In the Virgin Islands, a Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is an important document used by lenders or creditors to inform consumers about changes in their credit charges. This notice is required when a creditor decides to increase the charges for credit extended to a consumer based on information received from a person other than a consumer reporting agency. Types of Virgin Islands Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency: 1. General Notice of Increase in Charge: This type of notice is issued when there is a general increase in credit charges for a group of consumers. It may be due to changes in the market conditions, regulations, or the creditor's business policies. The notice should provide the consumer with sufficient information, including the new rates, effective date, and the reason for the increase. 2. Individual Notice of Increase: An individual notice of increase is sent to a specific consumer when their credit charges are being revised based on information received from a person other than a consumer reporting agency. This could occur if there are changes in the consumer's credit risk profile or credit history, which could result in higher charges for credit. Content for Virgin Islands Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency: [Your Company Logo] [Company Name] [Company Address] [City, State, ZIP Code] [Phone Number] [Date] [Consumer's Name] [Consumer's Address] [City, State, ZIP Code] Subject: Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency Dear [Consumer's Name], We hope this letter finds you well. We are writing to inform you of a necessary increase in the charges for the credit extended to you by [Company Name]. This increase is based on information we have received from a person other than a consumer reporting agency, which affects the assessment of your creditworthiness. Effective from [Effective Date], the new charges applicable to your credit account will be as follows: Previous Charges: — Interest Rate: [Previous Interest Rate] — Annual Fee: [Previous Annual Fee— - Late Payment Fee: [Previous Late Payment Fee] New Charges: — Interest Rate: [New Interest Rate— - Annual Fee: [New Annual Fee] — Late Payment Fee: [New Late Payment Fee] Please note that this change is necessary to account for recent developments related to your credit risk profile, which have been subsequently corroborated by the information received. We assure you that we have taken into consideration all relevant factors, including your credit history and the impact of these changes on your overall financial well-being. If you have any questions or require further clarification regarding this increase, our customer service representatives are available at [Customer Service Phone Number] and will be happy to assist you. We highly value your continued patronage and want to ensure that you remain informed about any changes that may affect your credit account. We appreciate your understanding and cooperation in this matter. Thank you for choosing [Company Name] as your financial partner. Sincerely, [Your Name] [Your Title] [Company Name]
