Get the free Adverse Action Notice - Form 182

The federal agency that administers compliance with this law concerning this creditor is the Federal Trade Commission Equal Credit Opportunity Washington DC 20580 Fannie Mae Form 182 Page 1 of 1 December 2014 Instructions Model Adverse Action Notice - For Loan Modification Requests involving Current Loans Declined by Fannie Mae If Fannie Mae has directly declined a borrower request for a modification of a current loan the servicer uses this form ...

How to fill out adverse action notice

Point by point, here is how to fill out an adverse action notice and an explanation of who needs it:

How to fill out adverse action notice:

1. Begin by including the date at the top of the notice.
2. Clearly identify the name and address of the recipient of the adverse action.
3. State the reason for the adverse action, providing specific details and any relevant supporting documentation.
4. Clearly state the specific action being taken, such as denial of credit or employment.
5. Provide the name, address, and contact information of the entity taking the adverse action.
6. Include a statement notifying the recipient of their right to obtain a free copy of their credit report.
7. Inform the recipient of their right to dispute the accuracy of the information that led to the adverse action.
8. Provide contact information for the appropriate credit reporting agency to dispute any inaccurate information.
9. Include a statement informing the recipient of their right to a written explanation of the reason for the adverse action.
10. Sign and date the adverse action notice.

Who needs adverse action notice:

1. Lenders and financial institutions: If a borrower's loan application is denied or terms are changed unfavorably based on their creditworthiness, an adverse action notice must be provided.
2. Employers: When an applicant or employee is denied employment or experiences an adverse employment decision based on information found on their background check or credit report, an adverse action notice is required.
3. Landlords: If a tenancy application is denied or specific lease terms are altered due to information found on a tenant's credit report, landlords must provide an adverse action notice.

In summary, adverse action notices are necessary for lenders, employers, and landlords to provide when they deny credit, employment or housing based on information retrieved from credit reports or background checks. The process of filling out the notice involves detailing the reason for the adverse action, providing contact information, and informing the recipient of their rights and how to dispute any inaccuracies.

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What is adverse action notice?

Adverse action notice is a formal written notification given to an individual by a creditor, lender, or employer, informing them that they have been denied credit, employment, or another benefit based on information in their credit report.

Who is required to file adverse action notice?

Creditors, lenders, and employers are required by law to file adverse action notice when denying credit, employment, or another benefit based on information in a credit report.

How to fill out adverse action notice?

Adverse action notice should be filled out by providing the specific reason for the denial, the name and contact information of the credit reporting agency used, and information on the individual's right to dispute the accuracy of the information.

What is the purpose of adverse action notice?

The purpose of adverse action notice is to provide individuals with transparency and information about why they were denied credit, employment, or another benefit, as well as their rights to dispute the information.

What information must be reported on adverse action notice?

Adverse action notice must report the specific reason for denial, the name and contact information of the credit reporting agency used, and information on the individual's right to dispute the accuracy of the information.