AI-assisted research summary: A credit repair services organization must give the buyer a written disclosure before making a contract or taking payment, and must keep a signed copy for four years.
§3573.6. Disclosure statement A. Before executing a contract or agreement with a buyer or receiving money or other valuable consideration, a credit repair services organization 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 repair services organization for the buyer and the total cost of the services. (2) A statement explaining the buyer's right to proceed against the bond required by R.S. 9:3573.4. (3) The name and address of the surety company that issued the bond or the name and address of the depository and the trustee and the account number of the trust account. (4) A complete and accurate statement of the buyer's right to review any file on the buyer maintained by a consumer reporting agency, as provided by the Fair Credit Reporting Act (15 U.S.C. Sec. 1681 et seq.). (5) A statement that the buyer's file is available for review from the consumer reporting agency at no charge, under certain circumstances, if requested by the consumer within thirty days of receiving notice of a denial of credit and as provided in the federal Fair Credit Reporting Act. (6) A complete and accurate statement of the buyer's right to dispute directly with the consumer reporting agency the completeness or accuracy of an item contained in a file on the buyer maintained by that consumer reporting agency. (7) A statement that accurate information cannot be permanently removed from the files of a consumer reporting agency. (8) A complete and accurate statement of when consumer information becomes obsolete and of when consumer reporting agencies are prevented from issuing reports containing obsolete information. (9) A complete and accurate statement of the availability of nonprofit credit counseling services. B. The credit repair services organization shall maintain on file, for a period of four years after the date the statement is provided, an exact copy of the statement, signed by the buyer, acknowledging receipt of the statement. Acts 1992, No. 345, §1; Acts 2008, No. 858, §1, eff. July 9, 2008; Acts 2009, No. 76, §1.