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.
Oregon Notice of Denial of Credit for Personal, Family, or Household Purposes Based on Information Received From Person Other Than Consumer Reporting Agency In Oregon, if a consumer's application for credit is denied based on information obtained from a person other than a consumer reporting agency, the creditor is legally required to provide the consumer with a Notice of Denial of Credit for Personal, Family, or Household Purposes. This notice is intended to inform the consumer about the reasons for denial, their right to obtain a free copy of the consumer report used in the decision, and how to dispute the accuracy of the information. Types of Oregon Notice of Denial of Credit for Personal, Family, or Household Purposes Based on Information Received From Person Other Than Consumer Reporting Agency: 1. Specific Denial Notice: This type of notice is sent to the consumer when their credit application is denied based on specific information received from a person other than a consumer reporting agency. The content of the notice should include details about the specific information used in the denial decision, explaining its impact on the application. 2. General Denial Notice: In some cases, rather than providing specific information regarding the denial, the creditor may choose to send a general denial notice without disclosing the specific details received from the person other than a consumer reporting agency. This type of notice should still inform the consumer about their right to obtain a free copy of their consumer report. Key information contained in an Oregon Notice of Denial of Credit for Personal, Family, or Household Purposes Based on Information Received From Person Other Than Consumer Reporting Agency includes: 1. Denial Reasons: The notice should clearly state the reasons for the denial based on the information received. It should explain how the information provided affected the credit decision, such as highlighting the negative factors that led to the application being declined. 2. Disclosure of Consumer Report: The notice must include a statement informing the consumer of their right to request a free copy of their consumer report within 60 days. This allows the consumer to review the information and identify any inaccuracies that might have negatively impacted their credit application. 3. Contact Information: The notice must provide contact details of both the creditor and the person who provided the information leading to the denial, such as their name, address, and telephone number. This allows the consumer to reach out if they have any questions or wish to dispute the accuracy of the information. 4. Dispute Process: The notice should outline the steps the consumer can take to dispute any incorrect or incomplete information within the credit report. This may involve providing guidance on how to request investigations and provide supporting documentation for their dispute. Complying with the Oregon Notice of Denial of Credit for Personal, Family, or Household Purposes Based on Information Received From Person Other Than Consumer Reporting Agency is essential for creditors to ensure transparency and protect consumers' rights. By providing detailed and accurate information in the notice, creditors can help consumers understand the reasons for denial and provide them with an opportunity to rectify any erroneous information.
