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.
Pennsylvania Notice of Denial of Credit for Personal, Family, or Household Purposes Based on Information Received From Person Other Than Consumer Reporting Agency
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FAQ
Some examples of violations include: failing to report that a debt was discharged in bankruptcy. reporting old debts as new or re-aged.
Reporting of Medical Debt: The three major credit bureaus (Equifax, Transunion, and Experian) will institute a new policy by March 30, 2023, to no longer include medical debt under a dollar threshold (the threshold will be at least $500) on credit reports.
If the disputed information is wrong or can't be verified, the company is required by law to delete or change the information. It also has to notify all of the credit reporting companies to which it provided the wrong information, so the credit reporting companies can update their files with the correct information.
1. Timing of notice - when an application is complete. Once a creditor has obtained all the information it normally considers in making a credit decision, the application is complete and the creditor has 30 days in which to notify the applicant of the credit decision.
The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.
The Fair Credit Reporting Act (FCRA) is a federal law that regulates the credit reporting industry. It allows you to dispute credit report errors and limits how your credit reports can be used. Companies that violate the FCRA are liable for damages, attorneys' fees, and costs.
In the credit score exception notices, creditors are required to disclose the distribution of credit scores among consumers who are scored under the same scoring model that is used to generate the consumer's credit score using the same scale as that of the credit score provided to the consumer.
The Fair Credit Reporting Act (FCRA) , 15 U.S.C. § 1681 et seq., governs access to consumer credit report records and promotes accuracy, fairness, and the privacy of personal information assembled by Credit Reporting Agencies (CRAs).
