Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 458-D
Information statement; contents
General Business (GBS) CHAPTER 20, ARTICLE 28-BB
§ 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."