The bill amends the Credit Reporting Disclosure Act of 1989 to clarify the requirements for a notice of adverse action. Specifically, it updates the content that must be included in such notifications. The revised law mandates that the notification must be in writing and include a statement of the action taken, the name and address of the creditor, and the name and address of the consumer reporting agency that provided the report.

Notably, the bill removes the requirement to include the consumer's Social Security number in the notification, which was previously mandated if it had been provided to the user of the consumer report or was included in the report from the consumer reporting agency. This change aims to enhance consumer privacy by eliminating the need to disclose sensitive personal information in adverse action notifications.

Statutes affected:
SB 240: 4-93-104(a)