Definitions for "Adverse Action Notice"
Keywords:  denied, ahm, advising, explains, fcra
A notice that you have been denied credit, employment, insurance, or other benefits based on information in a credit report. The notice should indicate which credit reporting agency was used, and how to contact them. You are entitled to a free credit report if you've been denied credit in the last 60 days.
If any person, individual, partnership, corporation, trust, estate, cooperative, association, government, governmental subdivision, agency or other entity takes any adverse action with respect to any consumer that is based in whole or in part on any information contained in a consumer report, they are required under the provisions of the Fair Credit Reporting Act (FCRA) to provide verbal, written, or electronic notice of the adverse action to the consumer. This notice must include: The name, address, and toll-free telephone number of the Consumer Reporting Agency that furnished the report A statement that the consumer reporting agency did not make the adverse decision Notice of the consumer's right to obtain a free copy of a consumer report from the CRA that provided the consumer request within 60 days of the adverse action The consumer's right to dispute with the CRA the accuracy or completeness of any information in the consumer file
A document explaining the reason(s) why a credit application has been denied.