An individual who believes that information in the credit report is wrong or outdated can demand that the information be deleted from the credit record unless the accuracy of the record can be verified or corroborated. Individuals also have the right to have a written statement included in their credit record explaining any negative information. A. Individuals can have most negative information in a credit record deleted after 7 years and a bankruptcy record removed after 10 years. After sending the credit report, a credit reporting agency is legally required to explain information in the report if the report is not understood. A. Usury is the charging of a rate of interest higher than the law allows.
State law fixes the maximum rate of allowable interest.
Charging an interest rate that is usurious may make the loan unenforceable and may subject the lender to criminal penalties. A. Credit accounts and loans may be opened individually and need not be taken in joint names. A credit grantor may not require a re-application for credit because of the death of or divorce from a former spouse. A. Debt consolidation agencies claim that they can pool debts and pay off a debtor's obligations with small payments over a period of time. Some states outlaw such agencies.