|
||||||||||
|
||||||||||
|
||||||||||
|
||||||||||
Denial Of Credit
LAWDOG is intended to assist in the understanding of basic concepts. See Disclaimer. Always obtain legal advice from legal professionals.
A "Denial of Credit" is an "adverse action" under the Fair Credit Reporting Act. The term "adverse action" is defined by Section 603 of the Fair Credit Reporting Act as amended, as, generally, including any and all negative actions which affect consumers. Essentially, any unfavorable change in credit or contract terms, denial or cancellation of credit or insurance, or denial of employment would all be included. (See "Adverse Action" from previous menu.)
Whenever adverse action is taken, special notices must be provided to the consumer. The adverse action may be based upon a consumer report, or on information from other sources. Also see Other Federal & State laws from the Credit Reporting Center Menu, since the adverse action may also require compliance with other State or Federal laws, including the Equal Credit Opportunity Act.
A copy of The Fair Credit Reporting Act, As Amended, and a copy of the FTC Official Staff Commentary to the Fair Credit Reporting Act are included under "Fair Credit Reporting Resources", available from LAWDOG Credit Reporting Center, or here. Use browser return button to return. Read Notices, Caution and Disclaimer. For more information, see "Duties of Users Taking Adverse Action" linked here. Link does not return to this page.
