Your credit score can change, depending on how the information in your consumer report changes. Your request for [a loan/a credit card/an increase in your credit limit] was carefully considered, and we regret that we are unable to approve your application at this time, for the following reason(s): __is insufficient to sustain payments on the amount of credit requested. Dear Applicant: Thank you for your recent application for ________. __Our credit decision was based in whole or in part on information obtained in a report from the consumer reporting agency listed below. Creditors may comply with the disclosure requirements for adverse action based on information in a consumer report obtained from an affiliate by providing either the section 615(a) or section 615(b) disclosure. You can find out about the information contained in your file (if one was used) by contacting: Dear Applicant: Thank you for your application for credit. For example, a creditor may want to add: i. [If you choose not to provide the information, we will note it by visual observation or surname]. incomplete application Statement of Credit Denial, Termination or Change, Description of Account, Transaction, or Requested Credit:__. After carefully reviewing your application, we are sorry to advise you that we cannot [open an account for you/grant a loan to you/increase your credit limit] at this time. The following information is needed to make a decision on your application: __________. You have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. Your credit score is a number that reflects the information in your consumer report. We also obtained your credit score from the consumer reporting agency and used it in making our credit decision. __lacks a sufficient number of credit references. ____Insufficient number of credit references provided, ____Unacceptable type of credit references provided, ____Income insufficient for amount of credit requested, ____Excessive obligations in relation to income, ____Delinquent past or present credit obligations with others, ____Number of recent inquiries on credit bureau report, ____Value or type of collateral not sufficient. Form C-6 is designed for use in notifying an applicant, under 202.9(c)(2), that an application is incomplete. __reveals that current obligations are excessive in relation to income. Your application was processed by a [credit scoring] system that assigns a numerical value to the various items of information we consider in evaluating an application. rejection uim um form letter response cov damage selection property planning Appendix A to Part 1002 Federal Agencies to be Listed in Adverse Action Notices, Appendix C to Part 1002 Sample Notification Forms, Comment for 1002.1 - Authority, Scope, and Purpose, Comment for 1002.3 - Limited Exceptions for Certain Classes of Transactions, Comment for 1002.5 - Rules Concerning Requests for Information, Comment for 1002.6 - Rules Concerning Evaluation of Applications, Comment for 1002.7 - Rules Concerning Extensions of Credit, Comment for 1002.8 - Special Purpose Credit Programs, Comment for 1002.10 - Furnishing of Credit Information, Comment for 1002.11 - Relation to State Law, Comment for 1002.13 - Information for Monitoring Purposes, Comment for 1002.14 - Rules on Providing Appraisals and Valuations, Comment for 1002.15 - Incentives for Self-Testing and Self-Correction, Comment for 1002.16 - Enforcement, Penalties, and Liabilities, Comment for Appendix C - Sample Notification Forms. In addition, if you find that any information contained in the report you received is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency. You can find out about the information contained in your file (if one was used) by contacting: Dear Applicant: Thank you for your application for credit. pensions pdffiller In addition, a creditor must provide the section 615(b) disclosure if the creditor obtained information from an affiliate other than information in a consumer report or other than information concerning the affiliate's own transactions or experiences with the consumer. 1002.3 Limited exceptions for certain classes of transactions. You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at the consumer reporting agency. Scores range from a low of ____ to a high of ____. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency. These numerical values are based upon the results of analyses of repayment histories of large numbers of customers. __is not of sufficient length to qualify. ____is insufficient to sustain payments on the amount of credit requested. Dear Applicant: Thank you for applying to us for _____. You have the right to a copy of the appraisal report used in connection with your application for credit. ____of making payments on time was not satisfactory. You also have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. You are not required to provide this information. Your credit score is a number that reflects the information in your consumer report. If you believe there has been discrimination in handling your application you should contact the [name and address of the appropriate federal enforcement agency listed in appendix A]. The creditor should either add such other factors to the form or check other and include the appropriate explanation. __Insufficient number of credit references provided, __Unacceptable type of credit references provided, __Income insufficient for amount of credit requested, __Excessive obligations in relation to income, __Delinquent past or present credit obligations with others, __Number of recent inquiries on credit bureau report, __Value or type of collateral not sufficient. 1. Form C-9 is designed for use in notifying an applicant of the right to receive a copy of appraisals under 1002.14. The federal agency that administers compliance with this law concerning this creditor is (name and address as specified by the appropriate agency listed in appendix A). This Appendix contains ten sample notification forms. Dear Applicant: Thank you for your recent application. Form C-1 contains the Fair Credit Reporting Act disclosure as required by sections 615(a) and (b) of that act. The sample forms are illustrative and may not be appropriate for all creditors. 1002.14 Rules on providing appraisals and other valuations. This section should be completed if the credit decision was based in whole or in part on information that has been obtained from an outside source. 1002.5 Rules concerning requests for information. You can pay for an additional appraisal for your own use at your own cost. Proper use of Forms C-7 and C-8 will satisfy the requirements of 1002.9(a)(2)(i) and (ii), respectively, for applications for business credit. If you have any questions regarding this notice, you should contact: Notice: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The following state regulations pages link to this page. Your credit score can change, depending on how the information in your consumer report changes. Proper use of Forms C-5 and C-6 constitutes full compliance with 202.9(a)(2)(ii) and 202.9(c)(2), respectively. Form C-10 is designed for use in notifying an applicant for nonmortgage credit that the creditor is requesting applicant characteristic information. You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at the consumer reporting agency. ii. Forms C-7 and C-8 are intended for use in connection with applications for business credit under 202.9(a)(3). Proper use of Form C-9 will satisfy the requirements of 1002.14 of this part. Dear Applicant: Thank you for applying to us for credit. The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied credit to you. For example, the notice may say length of residence rather than too short a period of residence.. A creditor must provide the section 615(a) disclosure when adverse action is taken against a consumer based on information from a consumer reporting agency. 1002.16 Enforcement, penalties and liabilities. The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied credit to you. The Federal agency that administers compliance with this law concerning this creditor is [name and address as specified by the appropriate agency listed in appendix A]. The reasons you did not score well compared with other applicants were: Number of recent inquiries on credit bureau report. ____Our credit decision was based in whole or in part on information obtained in a report from the consumer reporting agency listed below. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency. We are unable to offer you credit on the terms that you requested for the following reason(s):_____, We can, however, offer you credit on the following terms: _____. See interpretation of this section in Supplement I. Dear Applicant: Thank you for your recent application for _____. We need to receive this information by _____ (date). To obtain the statement, please contact [name, address and telephone number of the person or office from which the statement of reasons can be obtained] within 60 days from the date you are notified of our decision. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency. The information you provided in your application did not score a sufficient number of points for approval of the application. Your credit score is a number that reflects the information in your consumer report. It can be obtained by contacting: [Name, address, and [toll-free] telephone number of the consumer reporting agency]. [If you have any questions regarding your credit score, you should contact [entity that provided the credit score] at: ____Our credit decision was based in whole or in part on information obtained from an affiliate or from an outside source other than a consumer reporting agency. If a creditor chooses to use the checklist of reasons provided in one of the sample forms in this appendix and if reasons commonly used by the creditor are not provided on the form, the creditor should modify the checklist by substituting or adding other reasons. The following information is needed to make a decision on your application: _____. 2. If your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. Form C-1 contains the Fair Credit Reporting Act disclosure as required by sections 615(a) and (b) of that act. We must hear from you no later than 90 days after we notify you about the action taken on your credit application or you withdraw your application. A creditor must provide the section 615(b) disclosure when adverse action is taken based on information from an outside source other than a consumer reporting agency. 2. Your credit score can change, depending on how the information in your consumer report changes. For example, the notice may say length of residence rather than too short a period of residence.. Forms C-7 and C-8 are intended for use in connection with applications for business credit under 1002.9(a)(3). If we do not receive it by that date, we will regrettably be unable to give further consideration to your credit request. If you have any questions regarding this letter, you should contact us at. This section should be completed if the credit decision was based in whole or in part on information that has been obtained from an outside source. We are requesting the following information to monitor our compliance with the Federal Equal Credit Opportunity Act, which prohibits unlawful discrimination. Under the Fair Credit Reporting Act, you have the right to make a written request, no later than 60 days after you receive this notice, for disclosure of the nature of this information. If we do not receive it by that date, we will regrettably be unable to give further consideration to your credit request. They were designed to include some of the factors that creditors most commonly consider. In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency. The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied credit to you. [In your letter, give us the following information:]. We have given your request careful consideration, and regret that we are unable to extend credit to you at this time for the following reasons: (Insert appropriate reason, such as: Value or type of collateral not sufficient; Lack of established earnings record; Slow or past due in trade or loan payments). You have a right to a free copy of your report from the reporting agency, if you request it no later than 60 days after you receive this notice. The federal agency that administers compliance with this law concerning this creditor is (name and address as specified by the appropriate agency listed in appendix A). In addition, if you find that any information contained in the report you receive is inaccurate or incomplete, you have the right to dispute the matter with the reporting agency. Appendix C to Part 202 - Sample Notification Forms, Form C-1 - Sample Notice of Action Taken and Statement of Reasons Statement of Credit Denial, Termination or Change. ____is not of sufficient length to qualify. 4. Form C-5 is a notice of disclosure of the right to request specific reasons for adverse action under 202.9(a)(1) and (2)(ii). Your credit score is a number that reflects the information in your consumer report. Description of Account, Transaction, or Requested Credit: Part I - Principal Reason(s) for Credit Denial, Termination, or Other Action Taken Concerning Credit, Part II - Disclosure of Use of Information Obtained From an Outside Source, Scores range from a low of____________to a high of____________, [Number of recent inquiries on consumer report, as a key factor], Form C-2 - Sample Notice of Action Taken and Statement of Reasons. Key factors that adversely affected your credit score: You should know that the federal Equal Credit Opportunity Act prohibits creditors, such as ourselves, from discriminating against credit applicants on the basis of their race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because they receive income from a public assistance program, or because they may have exercised their rights under the Consumer Credit Protection Act. Our credit decision on your application was based in whole or in part on information obtained in a report from [name, address and [toll-free] telephone number of the consumer reporting agency]. A creditor may design its own notification forms or use all or a portion of the forms contained in this appendix. Proper use of Form C-10 will satisfy the requirements of 1002.5(b)(1). Any questions regarding such information should be directed to [consumer reporting agency]. > 2 4 1 `  bjbj ; + " 1 8 N b $ & $ ! If your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. Form C-10 is designed for use in notifying an applicant for nonmortgage credit that the creditor is requesting applicant characteristic information. We will not take this information (or your decision not to provide this information) into account in connection with your application or credit transaction. We also obtained your credit score from this consumer reporting agency and used it in making our credit decision. Dear Applicant: Thank you for your application for _____. We regret that we are unable to approve your request. The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (with certain limited exceptions); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. This section must be completed in all instances. [You have a right under the Fair Credit Reporting Act to know the information contained in your credit file at the consumer reporting agency.] The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied credit to you. You are not required to provide this information. Optional language in Forms C-1 through C-5 may be used to direct the consumer to the entity that provided the credit score for any questions about the credit score, along with the entity's contact information. Dear Applicant: Thank you for your application for ________. Proper use of Forms C-5 and C-6 constitutes full compliance with 1002.9(a)(2)(ii) and 1002.9(c)(2), respectively. Notice: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
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