TITLE 15–COMMERCE AND TRADE
CHAPTER 41–CONSUMER CREDIT PROTECTION
Sub Chapter II-A –Credit Repair Organizations
Sec. 1679c. Disclosures
(a) Disclosure required
Any credit repair organization shall provide any consumer with the
following written statement before any contract or agreement between the
consumer and the credit repair organization is executed:
``Consumer Credit File Rights Under State and Federal Law
``You have a right to dispute inaccurate information in your credit
report by contacting the credit bureau directly. However, neither you
nor any `credit repair' company or credit repair organization has the
right to have accurate, current, and verifiable information removed from
your credit report. The credit bureau must remove accurate, negative
information from your report only if it is over 7 years old. Bankruptcy
information can be reported for 10 years.
``You have a right to obtain a copy of your credit report from a
credit bureau. You may be charged a reasonable fee. There is no fee,
however, if you have been turned down for credit, employment, insurance,
or a rental dwelling because of information in your credit report within
the preceding 60 days. The credit bureau must provide someone to help
you interpret the information in your credit file. You are entitled to
receive a free copy of your credit report if you are unemployed and
intend to apply for employment in the next 60 days, if you are a
recipient of public welfare assistance, or if you have reason to believe
that there is inaccurate information in your credit report due to fraud.
``You have a right to sue a credit repair organization that violates
the Credit Repair Organization Act. This law prohibits deceptive
practices by credit repair organizations.
``You have the right to cancel your contract with any credit repair
organization for any reason within 3 business days from the date you
signed it.
``Credit bureaus are required to follow reasonable procedures to
ensure that the information they report is accurate. However, mistakes
may occur.
``You may, on your own, notify a credit bureau in writing that you
dispute the accuracy of information in your credit file. The credit
bureau must then reinvestigate and modify or remove inaccurate or
incomplete information. The credit bureau may not charge any fee for
this service. Any pertinent information and copies of all documents you
have concerning an error should be given to the credit bureau.
``If the credit bureau's reinvestigation does not resolve the
dispute to your satisfaction, you may send a brief statement to the
credit bureau, to be kept in your file, explaining why you think the
record is inaccurate. The credit bureau must include a summary of your
statement about disputed information with any report it issues about
you.
``The Federal Trade Commission regulates credit bureaus and credit
repair organizations. For more information contact:
``The Public Reference Branch
``Federal Trade Commission
``Washington, D.C. 20580''.
(b) Separate statement requirement
The written statement required under this section shall be provided
as a document which is separate from any written contract or other
agreement between the credit repair organization and the consumer or any
other written material provided to the consumer.
(c) Retention of compliance records
(1) In general
The credit repair organization shall maintain a copy of the
statement signed by the consumer acknowledging receipt of the
statement.
(2) Maintenance for 2 years
The copy of any consumer's statement shall be maintained in the
organization's files for 2 years after the date on which the
statement is signed by the consumer.
(Pub. L. 90-321, title IV, Sec. 405, as added Pub. L. 104-208, div. A,
title II, Sec. 2451, Sept. 30, 1996, 110 Stat. 3009-457.)
References in Text
The Credit Repair Organization Act, referred to in subsec. (a),
probably means the Credit Repair Organizations Act, Pub. L. 90-321,
title IV, as added Pub. L. 104-208, div. A, title II, Sec. 2451, Sept.
30, 1996, 110 Stat. 3009-454, which is classified generally to this
subchapter. For complete classification of this Act to the Code, see
Short Title note set out under section 1601 of this title and Tables.
Prior Provisions
For a prior section 405 of Pub. L. 90-321, see note set out under
section 1679 of this title.
Section Referred to in Other Sections
This section is referred to in section 1679e of this title.
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Title 15 Commerce and Trade: Consumer Credit Protection
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