2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 64 - Reestablishment of Credit Agencies (§§ 630 — 630x) › § 630k - Duties of the credit repair agency

(a) Orientation. — Any attempt to contract the rendering of services shall be preceded by a thorough and efficient orientation on the services to be offered; said orientation shall include all the information required under the disclosure clause contained in this chapter. This process shall be conducted as professionally as possible and shall fully comply with the requirements provided in this chapter under prohibited practices.
(b) Disclosure on consumer rights. — Before executing a contract, any business established under the provisions of this chapter shall supply each consumer with a written disclosure of consumer rights pursuant to federal and state provisions in a document separate from any other document, including the contract itself. Said disclosure shall be printed in bold type of not less than 10 points and shall be previously approved by the Office of the Commissioner of Financial Institutions. The disclosure shall include the following:
“Disclosure of Consumer Rights Pursuant to State and Federal Provisions
“You have the right to contest any incorrect information appearing in your credit report by directly contacting the credit reporting entity or organization that issued the adverse report. In spite of this right, neither you nor any credit repair agency shall be entitled to have information excluded from your credit record if it is correct, accurate, in effect and verifiable. The credit reporting organization shall delete from the report all negative information that, although true, is more than seven (7) years old. Information pertaining to bankruptcy cases may remain in the credit record or history of the consumer for a maximum of ten (10) years.
“You have the right to obtain a copy of the credit reports issued by credit reporting organizations, for which they may collect fees. However, no service fees shall be charged if within the previous sixty (60) days you have been denied credit, employment, insurance or leasing housing due to the information arising from a negative credit report. Credit reporting organizations shall provide assistance for interpreting your credit records. Moreover, you have the right to receive a free copy of your credit report if you are unemployed and intend to apply for a job within the next sixty (60) days, if you receive welfare or if you have grounds to believe that there is fraud-related erroneous or inaccurate information.
“You have the right to sue any credit repair agency that infringes the provisions of this chapter or applicable federal laws, since deceitful practices by said agencies are prohibited by both.
“You have the right to terminate your contract with any credit repair agency for any reason within seven (7) working days from the date of signing said contract.
“Credit reporting organizations are required to set reasonable measures and procedures in order for their reports to be accurate. However, it is understood that errors may be made.
“Any consumer may notify any credit reporting organization of his/her intention to challenge the accuracy of the information in his/her credit records on his/her own and in writing. Copies of the documents regarding the correction procedures shall be offered to the credit reporting organization, and said credit reporting organization shall reinvestigate and modify or remove any pertinent information. Provided, That if the organization fails to settle the dispute to the satisfaction of the consumer, he/she may submit a document stating the grounds for claiming that the information is incomplete or dubious; Provided, further, That said document shall be included in the consumer’s credit record and a summary of the same shall be attached to any credit report issued by the organizations in the future.”
(c) The business established under the provisions of this chapter shall keep a true and exact copy of the statement signed by the consumer acknowledging receipt of the same for a term of up to two (2) years after the contract has expired. Said copy shall be the only acceptable evidence of the fact that the document was delivered to the consumer and that he/she knows its contents and understands his/her rights.
(d) In addition to the written statement, in a document separate from any other document, the consumer shall be given a good faith estimate containing a complete and itemized list of the services offered and the cost of said services.
History —Aug. 31, 2004, No. 236, § 13, eff. 60 days after Aug. 31, 2004.