Pre-FACTA: 1681m Applies to Everyone

David A. Szwak

Pre-FACTA: 1681m Applies to Everyone

Postby David A. Szwak » Fri Dec 02, 2005 9:17 pm

ADVERSE ACTION / DENIAL NOTICE TO CONSUMER:

NOTICE REQUIREMENT: 15 U.S.C. 1681m:

One of the most important FCRA provisions applicable to banks, retailers, credit issuers, insurers, employers and other users of consumer reports is 15 U.S.C. 1681m. When a consumer report is used to deny some form of benefit to a consumer then the user of the consumer report must provide written notice to the consumer advising the specific reason(s) for the denial and the source(s) of the adverse information relied upon the user. 15 U.S.C. 1681m(a); Austin v. Bank America Service Corp., 419 F.Supp. 730 (C.A. Ga. 1974); Carroll v. Exxon Co., USA, 434 F.Supp. 557 (U.S.D.C. La. 1977); Morrissey v. TRW Credit Data, 434 F.Supp. 1107 (U.S.D.C. N.Y. 1971).

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