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.
Title: Understanding the Wisconsin Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency Introduction: The Wisconsin Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a crucial document that informs consumers about changes in credit charges. This detailed description aims to provide a comprehensive overview of this notice, including its purpose, key components, and different types if they exist. Keywords: Wisconsin, Notice of Increase, Charge for Credit, Information Received, Person Other Than Consumer Reporting Agency 1. Purpose of the Wisconsin Notice of Increase in charge of Credit: The Wisconsin Notice of Increase in charge of Credit is intended to notify consumers about modifications to their existing credit terms, such as increased interest rates or fees, based on information obtained from a third party other than a consumer reporting agency. 2. Key Components of the Notice: a. Identification: The notice should clearly identify the creditor, borrower, and account information to ensure proper identification and communication. b. Effective Date: The notice must specify the date from which the increased charges will be applied. c. Reason for Increase: The notice should provide a clear explanation of why the charges are being increased, along with the source of information that influenced this decision. d. Disclosure of Rights: Consumers must be informed of their right to request additional information about the basis of the increase and the right to dispute the change. e. Contact Information: The notice should include the creditor's contact details to facilitate communication and address consumers' concerns. 3. Types of Wisconsin Notice of Increase in charge of Credit: While there may not be specific variations of this notice, creditors in Wisconsin might issue separate notices depending on the type of credit being extended. For example: a. Credit Card Notice: When a credit card issuer increases charges based on information from a person other than a consumer reporting agency. b. Mortgage Notice: A notice sent by mortgage lenders if they increase charges based on information received from sources other than consumer reporting agencies. c. Retail Credit Notice: Issued by retailers extending credit, informing customers about increased charges based on information from a person other than a consumer reporting agency. Conclusion: The Wisconsin Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency plays a crucial role in protecting consumer rights and ensuring transparency in credit transactions. By providing comprehensive information about the notice's purpose, key components, and possible variations, consumers can better understand and respond to these important notifications.
