Indiana Code 27-2-21-19. Adverse action based on credit information; notice
(1) provide notice to the consumer that an adverse action has been taken, in accordance with the requirements of the federal Fair Credit Reporting Act, 15 U.S.C. § 1681m(a); and
Terms Used In Indiana Code 27-2-21-19
- adverse action: means :
Indiana Code 27-2-21-1
- consumer: means an:
Indiana Code 27-2-21-5
- consumer reporting agency: means a person that, for a monetary fee or dues or on a cooperative nonprofit basis, regularly engages in the practice of assembling or evaluating consumer credit information or other information concerning consumers for the purpose of furnishing consumer reports to third parties. See Indiana Code 27-2-21-6
- credit information: means credit related information:
Indiana Code 27-2-21-7
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- insurer: refers to an insurer (as defined in IC 27-1-2-3) that issues a personal insurance policy. See Indiana Code 27-2-21-13
(b) The reason provided under subsection (a)(2) must be provided in sufficiently clear and specific language so that an individual can identify the basis for the insurer’s decision to take an adverse action. The notice must include a description of all factors up to four (4) primary factors that were the primary influences of the adverse action. The use of generalized terms such as “poor credit history”, “poor credit rating”, or “poor insurance score” does not meet requirements of this subsection. A standardized credit explanation provided by a consumer reporting agency or other third party vendor meets the requirements of this section.
As added by P.L.201-2003, SEC.1.