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Comp Blog

Q&A: Written adverse action notices

By: Danielle Wright

CommentThursday - April 24, 2014

Q: Are credit unions required to give written adverse action notices?

A: The Fair Credit Reporting Act does not require written notices. Section 615 of Act provides that when a financial institution takes adverse action with respect to a consumer that is based in whole or in part on any information contained in a credit report, the financial institution shall provide an oral, written, or electronic notice of the adverse action to the consumer.

On the other hand, Regulation B requires adverse action notices to be in writing for consumer credit. The term “in writing” would include electronic delivery of the notice if provided in compliance with the federal ESIGN statute. However, the notifications for business credit may be given verbally or in writing.  






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