2013 New York Consolidated Laws
GBS - General Business
Article 28-BB - (458-A - 458-K) CREDIT SERVICES BUSINESS
458-D - Information statement; contents.


NY Gen Bus L § 458-D (2012) What's This?
 
    §  458-d.  Information statement; contents.  The information statement
  shall be printed in at least  ten  point  type  and  shall  include  the
  following:
 
                         "RIGHT TO REVIEW YOUR FILE"
 
    "The  Federal  Fair  Credit  Reporting Act gives you the right to know
  what your credit file contains, and the consumer reporting  agency  must
  provide someone to help you interpret the data. The New York Fair Credit
  Reporting  Act  gives  you  the  right to receive an actual copy of your
  credit report.   You will  be  required  to  identify  yourself  to  the
  consumer  reporting  agency and you may be charged a small fee. There is
  no fee, however, if you have been turned down for credit, employment, or
  insurance because of  information  contained  in  a  report  within  the
  preceding thirty days."
 
                           "INCORRECT INFORMATION"
 
    "Consumer   reporting  agencies  are  required  to  follow  reasonable
  procedures to  ensure  that  subscribing  creditors  report  information
  accurately.  However, mistakes may occur.
    When  you  notify  the  consumer  reporting agency in writing that you
  dispute the accuracy of information, it must reinvestigate and modify or
  remove inaccurate data. The consumer reporting agency may not charge any
  fee for this service. Any pertinent data you have  concerning  an  error
  should be given to the consumer reporting agency.
    If  reinvestigation does not resolve the dispute to your satisfaction,
  you may enter a statement of one hundred words or  less  in  your  file,
  explaining why you think the record is inaccurate.
    The  consumer  reporting  agency  must  include  your  statement about
  disputed data -- or a coded version of it -- with any reports it  issues
  about  you.  New  York  law  also  provides  that,  at your request, the
  consumer reporting agency must notify any  person  who  has  received  a
  report  in  the  previous  year  that  an error existed and furnish such
  person with the corrected information."
 
                        "TIME LIMITS ON ADVERSE DATA"
 
    "Most kinds of information in your file may be reported for  a  period
  of  seven years. If you have declared personal bankruptcy, however, that
  fact may be reported for ten years.
    After seven years or ten years, the information can't be disclosed  by
  a credit reporting agency unless you are being investigated for a credit
  application  of  $50,000  or  more,  for an application to purchase life
  insurance of $50,000 or more, or for employment at an annual  salary  of
  $25,000 or more."

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