Under the Fair Credit Reporting Act, whenever credit or insurance for personal, family, or household purposes, or employment involving a consumer is denied, or the charge for such credit or insurance is increased, either wholly or partly because of information contained in a consumer report from a consumer reporting agency, the user of the consumer report must:
notify the consumer of the adverse action,
identify the consumer reporting agency making the report, and
notify the consumer of the consumer's right to obtain a free copy of a consumer report on the consumer from the consumer reporting agency and to dispute with the reporting agency the accuracy or completeness of any information in the consumer report furnished by the agency.
Title: Chicago, Illinois Notice of Increase in charge of Credit or Insurance Based on Information Received From Consumer Reporting Agency Description: In Chicago, Illinois, consumers may receive a Notice of Increase in charge of Credit or Insurance based on information obtained from a consumer reporting agency. This notice serves as an alert to individuals informing them that their credit or insurance rates are about to be raised due to an assessment of risk made by the consumer reporting agency. Keywords: Chicago, Illinois, Notice of Increase, Charge, Credit, Insurance, Information, Consumer Reporting Agency, Risk Assessment Types of Chicago, Illinois Notice of Increase in charge of Credit or Insurance Based on Information Received From Consumer Reporting Agency: 1. Auto Insurance Notice: This type of notice specifically relates to an increase in insurance premiums for automobile insurance policies. The consumer reporting agency has determined that the insured individual poses a higher risk due to factors such as a low credit score, poor driving record, or previous claims history. 2. Homeowner's Insurance Notice: Homeowners in Chicago may receive this notice if their homeowner's insurance rates are set to rise. The consumer reporting agency has reviewed the individual's credit information, claims history, or other relevant factors that have led to the assessed increase in the insurance premium. 3. Health Insurance Notice: These notices pertain to a rise in health insurance premiums. The consumer reporting agency has assessed the insured individual based on their medical records, credit information, or other applicable risk factors, resulting in an increase in the health insurance charge. 4. Credit Card Interest Charge Notice: Chicago residents may receive this notice from their credit card provider, indicating an increase in the interest rate charged on their credit card balances. The consumer reporting agency's evaluation of the individual's creditworthiness, payment history, or other contributing factors has led to the decision to raise the interest rate. 5. Personal Loan Interest Notice: Individuals who have availed personal loans in Chicago might receive this notice, alerting them about an upcoming increase in their loan's interest rate. The consumer reporting agency has reviewed the borrower's credit history and determined that a higher interest rate is warranted based on perceived risk. Overall, Chicago, Illinois Notice of Increase in charge of Credit or Insurance Based on Information Received From Consumer Reporting Agency serves as an informative document, ensuring transparency and allowing individuals to understand the factors leading to the increase in charges for their credit or insurance products.
