Contract, writing, contents
Before a credit services organization (a company that promises to help fix or improve someone's credit) takes any money or signs any contract with a customer, it must first give that customer a written statement. That statement has to explain exactly what services will be done and how much they cost, the customer's rights to check their own credit file, how to dispute wrong information on their credit report, and where to find free nonprofit credit counseling. The company must keep a signed copy of that statement for two years.
407.641. Contract, writing, contents. — 1. Before executing a contract or agreement with a buyer or receiving money or other , a shall provide the buyer with a statement in writing, containing:
(1) A complete and detailed description of the services to be performed by the credit services organization for the buyer and the total cost of the services;
(2) A statement explaining the buyer's right to proceed against the or required by (1) of section 407.638;
(3) The name and address of the that issued the bond, or the name and address of the and the , and the account number of the surety account;
(4) A complete and accurate statement of the buyer's right to any file on the buyer maintained by a , as provided by the , 15 U.S.C. Section 1681, et seq.;
(5) A statement that the buyer's file is available for review at no charge on request made to the consumer reporting agency within thirty days after the date of receipt of notice that has been denied, and that the buyer's file is available for a minimal charge at any other time;
(6) A complete and accurate statement of the buyer's right to dispute directly with the consumer reporting agency the completeness or accuracy of any item contained in a file on the buyer maintained by that consumer reporting agency;
(7) A statement that accurate cannot be permanently from the files of a consumer reporting agency;
(8) A complete and accurate statement of when information becomes and of when consumer reporting agencies are prevented from issuing reports containing ; and
(9) A complete and accurate statement of the availability of nonprofit credit counseling services.
2. The credit services organization shall maintain on file, for a period of two years after the date the statement is provided, an exact copy of the statement, signed by the buyer, acknowledging receipt of the statement.
Tap any gold-underlined word to see what it means.
Red section numbers link to that law.
Source & history notes
(L. 1991 S.B. 112 § 6)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.