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Adverse Action Notices

As an end user of consumer reports (a loan originator or lender, for example), you have certain responsibilites under FCRA to provide the consumer with the resources and information necessary to determine the cause of the adverse action.

According to section 615 of the FCRA, if a consumer experiences adverse action due to information based in whole or in part on information obtained in a consumer report the consumer shall be provided an oral, written or electronic:

  • Notice of the adverse action
  • The name, address and toll-free number of the furnisher of the report
  • Specific reasons why the adverse action was taken
  • A statement that the credit reporting agency (CRA) did not take the adverse action against the consumer
  • A statement that the consumer has a right to receive a free copy of their credit report from the consumer reporting agency that furnished the report, if requested within 60 days
  • A statement that the consumer has the right to dispute the accuracy or completeness of any information in a consumer report with the consumer reporting agency that furnished the report