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.
Description: A Georgia Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a legal document that notifies a consumer of a potential increase in the charges on their credit account. This notice is generated when the credit issuer receives information from a person or entity other than a consumer reporting agency, which prompts them to review and potentially modify the terms of the credit agreement. This notice is essential for both the credit issuer and the consumer as it ensures transparency and communication regarding any changes in the credit terms. It is designed to keep consumers informed about potential cost increases and to provide them an opportunity to address any concerns or disputes. In Georgia, there are different types of Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency, namely: 1. General Notice of Increase: This type of notice is used to inform the consumer about an overall increase in the charges or fees associated with their credit account. It could be due to various factors, such as changes in the market, additional costs incurred by the issuer, or modifications in the credit card agreement. 2. Interest Rate Increase: This specific type of notice focuses on changes in the interest rate applied to the outstanding balance on the credit account. It alerts the consumer to a potential increase in the interest charged, which ultimately affects the cost of borrowing. 3. Penalty or Late Fee Increase: This notice is generated when there is an increase in the penalty or late fees associated with the credit account. It informs the consumer about the revised charges in case they fail to make timely payments or violate the terms of the credit agreement. 4. Annual Fee Increase: Some credit accounts may have an annual fee attached to them, which covers the cost of maintaining the account. A notice of increase in the annual fee informs the consumer about any changes in this fee and provides an opportunity to assess the value of maintaining the credit account. Overall, a Georgia Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency plays a crucial role in maintaining transparent communication between the credit issuer and the consumer. It ensures that consumers are aware of any potential cost increases and have an opportunity to review and address any concerns or disagreements with the changes before they take effect.
