N.Y. General Business Law § 458-d: Information statement; contents

§ 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."