§ 458-D — Information statement; contents

§ 458-d. Information statement; contents. The information statement\nshall be printed in at least ten point type and shall include the\nfollowing:\n "RIGHT TO REVIEW YOUR FILE"\n "The Federal Fair Credit Reporting Act gives you the right to know\nwhat your credit file contains, and the consumer reporting agency must\nprovide someone to help you interpret the data. The New York Fair Credit\nReporting Act gives you the right to receive an actual copy of your\ncredit report. You will be required to identify yourself to the\nconsumer reporting agency and you may be charged a small fee. There is\nno fee, however, if you have been turned down for credit, employment, or\ninsurance because of information contained in a report within the\npreceding thirty days."\n "INCORRECT INFORMATION"\n "Consumer reporting agencies are required to follow reasonable\nprocedures to ensure that subscribing creditors report information\naccurately. However, mistakes may occur.\n When you notify the consumer reporting agency in writing that you\ndispute the accuracy of information, it must reinvestigate and modify or\nremove inaccurate data. The consumer reporting agency may not charge any\nfee for this service. Any pertinent data you have concerning an error\nshould be given to the consumer reporting agency.\n If reinvestigation does not resolve the dispute to your satisfaction,\nyou may enter a statement of one hundred words or less in your file,\nexplaining why you think the record is inaccurate.\n The consumer reporting agency must include your statement about\ndisputed data -- or a coded version of it -- with any reports it issues\nabout you. New York law also provides that, at your request, the\nconsumer reporting agency must notify any person who has received a\nreport in the previous year that an error existed and furnish such\nperson with the corrected information."\n "TIME LIMITS ON ADVERSE DATA"\n "Most kinds of information in your file may be reported for a period\nof seven years. If you have declared personal bankruptcy, however, that\nfact may be reported for ten years.\n After seven years or ten years, the information can't be disclosed by\na credit reporting agency unless you are being investigated for a credit\napplication of $50,000 or more, for an application to purchase life\ninsurance of $50,000 or more, or for employment at an annual salary of\n$25,000 or more."\n