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.
Ohio Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is an important legal document used in the state of Ohio to notify consumers about an upcoming increase in credit charges. This notice is specifically focused on changes in charges based on information received from a person other than a consumer reporting agency. The purpose of this notice is to provide consumers with transparent information about changes in their credit charges and to ensure their rights are protected under Ohio law. It serves as a means to inform consumers about the reasons behind the increase and any pertinent information related to the change. There are different types of Ohio Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency, which may include: 1. General Notice of Increase in Credit Charges: This type of notice is delivered to all affected consumers notifying them of an increase in credit charges. It will outline the specific details of the increase such as the new rate, effective date, and reasons for the adjustment. 2. Notice of Increase in charge of Credit Based on Non-Traditional Data: In some instances, credit charges may be increased based on information obtained from a person other than a consumer reporting agency. This type of notice specifies that the increase is a result of data from non-traditional sources and provides relevant details regarding the decision. 3. Notice of Increase in charge of Credit Based on Alternative Credit Assessment: This type of notice is given when a credit charge increase is based on an alternative credit assessment, rather than a traditional credit report. It will include information about the specific assessment method used and the reasons for the increase. These notices are essential in keeping consumers well-informed about changes in their credit charges and ensuring transparency in the lending process. By providing this information, Ohio law aims to protect consumers from arbitrary increases and further promote fair lending practices. Keywords: Ohio, Notice of Increase in charge of Credit, Information Received from Person Other Than Consumer Reporting Agency, credit charges, legal document, consumers, increase rate, effective date, non-traditional data, alternative credit assessment, fair lending practices.Ohio Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency is an important legal document used in the state of Ohio to notify consumers about an upcoming increase in credit charges. This notice is specifically focused on changes in charges based on information received from a person other than a consumer reporting agency. The purpose of this notice is to provide consumers with transparent information about changes in their credit charges and to ensure their rights are protected under Ohio law. It serves as a means to inform consumers about the reasons behind the increase and any pertinent information related to the change. There are different types of Ohio Notice of Increase in charge of Credit Based on Information Received From Person Other Than Consumer Reporting Agency, which may include: 1. General Notice of Increase in Credit Charges: This type of notice is delivered to all affected consumers notifying them of an increase in credit charges. It will outline the specific details of the increase such as the new rate, effective date, and reasons for the adjustment. 2. Notice of Increase in charge of Credit Based on Non-Traditional Data: In some instances, credit charges may be increased based on information obtained from a person other than a consumer reporting agency. This type of notice specifies that the increase is a result of data from non-traditional sources and provides relevant details regarding the decision. 3. Notice of Increase in charge of Credit Based on Alternative Credit Assessment: This type of notice is given when a credit charge increase is based on an alternative credit assessment, rather than a traditional credit report. It will include information about the specific assessment method used and the reasons for the increase. These notices are essential in keeping consumers well-informed about changes in their credit charges and ensuring transparency in the lending process. By providing this information, Ohio law aims to protect consumers from arbitrary increases and further promote fair lending practices. Keywords: Ohio, Notice of Increase in charge of Credit, Information Received from Person Other Than Consumer Reporting Agency, credit charges, legal document, consumers, increase rate, effective date, non-traditional data, alternative credit assessment, fair lending practices.
