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.
Illinois Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a legal document that notifies consumers about an increase in charges for credit based on information obtained from a source other than a consumer reporting agency. This notice is regulated by the state of Illinois and provides important information for consumers to understand why their credit charges are being increased. Keywords: Illinois, Notice of Increase, Charge, Credit, Information, Received, Person, Consumer Reporting Agency. There are several types of Illinois Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency, including: 1. Illinois Notice of Increase in charge of Credit Based on Non-Traditional Data: This type of notice informs the consumers about an increase in credit charges based on data obtained from a non-traditional source, such as social media platforms, utility payment history, or other alternative data sources. It highlights that the decision to increase charges relies on information received from sources other than traditional credit reporting agencies. 2. Illinois Notice of Increase in charge of Credit Based on Non-Credit Information: This type of notice communicates an increase in credit charges determined by information obtained from sources that do not directly relate to the consumer's credit history. The notice clarifies that the decision is influenced by factors like income, employment history, or other non-credit related information. 3. Illinois Notice of Increase in charge of Credit Based on Joint Account: This notice applies when the credit account is held jointly by multiple individuals. It notifies all account holders about an increase in charges and indicates that the decision is based on information received from a person other than a consumer reporting agency. 4. Illinois Notice of Increase in charge of Credit Based on Third-Party Report: This type of notice informs consumers about an increase in credit charges based on a report obtained from a third party, other than a consumer reporting agency. It highlights that the decision to increase charges relies on information received from a source that is not traditionally associated with credit reporting. 5. Illinois Notice of Increase in charge of Credit Based on Supplementary Information: This notice is applicable when additional information from sources other than consumer reporting agencies is considered for determining an increase in credit charges. It informs the consumer about the inclusion of supplementary information and its impact on the decision. Overall, the Illinois Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is a legal requirement designed to provide consumers with transparency regarding the factors influencing credit charge increases. It ensures that consumers are aware of how their creditworthiness is evaluated beyond traditional credit reports, promoting fairness in the credit industry.
