Adverse Action Notice

An adverse action notice is served to let the individual know that he has been denied credit, insurance, employment or other benefits on the basis of information in his credit report. Adverse action notice also informs the individual the name and address of the involved credit reporting bureau.

Condition of getting a free credit report
One will be given the right to get a free credit report if he has been denied or notified of an adverse action relating to credit, insurance, employment, or a government license. One will also be entitled to get free credit report if he has been denied a house or apartment rental.In the event if one certifies that he is unemployed and he is likely to apply for employment within the next 60 days, then also he will be eligible to get a free credit report.

Condition of getting a free credit report
One will be given the right to get a free credit report if he has been denied or notified of an adverse action relating to credit, insurance, employment, or a government license. One will also be entitled to get free credit report if he has been denied a house or apartment rental.In the event if one certifies that he is unemployed and he is likely to apply for employment within the next 60 days, then also he will be eligible to get a free credit report.

The other eligibility criteria for getting a free credit report are:
In the event if the individual certifies that he is a recipient of public welfare assistance.
On the occasion if the individual certifies that he has the grounds to believe of having credit report containing inaccurate information, then also the individual will be eligible to get a free credit report.
Rules regarding Adverse Action Notice
The adverse action notice necessarily be received within a reasonable amount of time and it should be oral, in writing or in electronic form.
Features of Adverse Action Notice
Adverse action notice must contain the name, address and contact number of the credit reporting bureau that is responsible in providing the credit report.
Adverse action notice should also include a statement expressing that the credit reporting bureau did not make the decision of taking the adverse action and is also unable to clarify the consumer the particular reasons of taking the adverse action.
Adverse action notice must give notice of the customer’s right of getting a copy of the credit report from the credit reporting bureau.

 

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