Adverse Action Letter
Let Cloud Maven, Inc. and our CRA partners take the time, hassle, and worry out of your adverse action notice compliance requirement for your business. We will send adverse action letters to the appropriate customers on your behalf to satisfy your compliance requirements. We can also generate the letter electronically and save it inside an eVault if you want to print it and send it out yourself.
Prerequisite-
You need to get a membership through our preferred CRA partner for the credit reports. We will not be able to provide you with the adverse action letter if you choose to use your own membership with a Bureau or CRA.
Sample Adverse Action Letter-
The highlighted portion is boilerplate Dodd-Frank language and it cannot be modified. Changing the language at the top of the letter is not an option. The main reason is there needs to be enough space to fit all 3 bureaus/scores and 5 reason codes per bureau.  We believe the first paragraph is about as non-offensive as possible. The other parts of the letter can be customized as per your requirements.
Features and Benefits-
Eliminates the need of sorting through deal jackets and dead deal files to determine who requires a letter.
Eliminates additional labor costs and the probability of human error thus providing potentially substantial cost savings.
Allows you to select the criteria by either deal status or credit score.
The only fulfillment service to send letters twice monthly to meet the 30-day compliance timeframe requirement.
Supplies a monthly summary report of all letters generated and sent.
Automatically stores an electronic copy of the adverse action letter in the eVault.
Providing a permanent audit trail.
Requires no long-term contract.