The Fair Credit Reporting Act (FCRA) is designed to help ensure that credit bureaus furnish correct and complete information to businesses to use when evaluating your application. Your rights include:
The right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
The right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment purposes.
Any company that denies your application must supply the name and address of the credit bureau they contacted, provided the denial was based on information given by the credit bureau.
The right to a free copy of your credit report when your application is denied because of information supplied by the credit bureau. Your request must be made within 60 days of receiving your denial notice.
If you contest the completeness or accuracy of information in your report, you should file a dispute with the credit bureau and with the company that furnished the information to the bureau. Both the credit bureau and the furnisher of information are legally obligated to investigate your dispute.
A right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction.
Title: North Dakota Request for Disclosure of Reasons for Denial of Credit Application Where Action Was Based on Information Not Obtained by Reporting Agency Introduction: In North Dakota, individuals who have been denied credit applications have the right to request disclosure of the reasons behind the rejection when action has been based on information that was not obtained by the reporting agency involved. This article aims to provide a comprehensive understanding of this particular request, including its purpose, procedure, and different types of requests that can be made. 1. Understanding North Dakota Request for Disclosure of Reasons: a) Purpose: The main objective of this request is to provide applicants with an opportunity to obtain detailed information about the reasons for credit denial when the action was based on undisclosed information. It allows individuals to rectify any inaccuracies or discrepancies in their credit reports and potentially appeal the decision. b) Importance: North Dakota's Request for Disclosure ensures transparency in the credit application process, enabling applicants to be informed about the factors that impacted their denial. This information is crucial for individuals to take necessary steps towards improving their creditworthiness. 2. Procedure for Requesting Disclosure: a) Eligibility: Any person who has applied for credit and received a denial due to undisclosed information can submit a request for disclosure in North Dakota. b) Time Limit: The request must be made within a reasonable period after receiving the denial notice, typically within 60 days, as specified by North Dakota's credit reporting laws. c) Documentation: To proceed with the request, the individual needs to gather all relevant supporting documents, which may include the denial notice, a copy of the credit application, and any other pertinent information related to the denial. d) Submission: The request for disclosure should be submitted in writing to the credit reporting agency that denied the credit application. It is advisable to send the request via certified mail to ensure proper delivery and maintain a record of correspondence. 3. Different Types of North Dakota Request for Disclosure: a) Direct Request for Disclosure: This type of request is made by individuals directly to the credit reporting agency involved in processing their credit application. It seeks disclosure of the reasons for credit denial based on obtained information. b) Legal Assistance Request: In some instances, individuals may seek professional legal assistance to draft and send the request on their behalf. This can be beneficial when dealing with complex credit denials or when the applicant lacks legal expertise or time to handle the process. c) Discrepancy Request: If the disclosed information is found to be inaccurate after receiving reasons for credit denial, individuals can further request the correction of inaccuracies within their credit report. This request aims to rectify any false or misleading data that affected the credit decision. Conclusion: North Dakota's Request for Disclosure of Reasons for Denial of Credit Application, where action was based on information not obtained by the reporting agency, empowers individuals to understand the basis of their credit denial. By knowing the reasons behind their rejection, applicants can take appropriate measures to rectify any inaccuracies and work towards improving their creditworthiness. Understanding the request's purpose, following the proper procedure, and exploring different types of requests enable applicants to exercise their rights effectively.
