Folks, if you are in receipt of a letter from Sally that provides notice of a denial of credit, refer to the bottom left hand portion of the letter: If it states "B401" and is the same "B401" two page letter that I have in front of me, it contains a substantial ommission that is required to be provided by Secton 615. --------------------------------------------- Several if not many other lenders furnish "denial of credit" form letters that fail to comply with Section 615. Many of these misconstrue the '60 days after the consumer's receipt' language contained in Section 612, which is incorporated by reference in Section 615. The Sally letter fudges this requirement, but the major violation is a complete ommission of another notice requirement. I would venture to guess that the number of consumer that received this letter in the past two years is in the hundreds. _________________ "HAVE YOU UPDATED YOUR EXPERIAN SOCIAL SECURITY NUMBER VARIATIONS TODAY?"
what is Section 615? also, pardon my ignorance, but when I received my student loan there was no credit check, and thus no denial of credit. On what basis can Sallie Mae deny credit?
each subsection of the fcra refers to a "section" of the (i think) consumer credit protection act or something close to ithttp://www.ftc.gov/os/statutes/fcra.htm#611
