The information statement required under § 47-18-1004 shall include all of the following:

(1)

Terms Used In Tennessee Code 47-18-1005

  • Consumer: means any individual who is solicited to purchase or who purchases the services of a credit services business. See Tennessee Code 47-18-1002
  • Consumer report: means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, which is furnished or is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer's eligibility for:
    (i) Credit or insurance to be used primarily for personal, family, or household purposes. See Tennessee Code 47-18-1002
  • Consumer reporting agency: means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and who uses any means or facility of commerce for the purpose of preparing or furnishing consumer reports. See Tennessee Code 47-18-1002
  • Credit services business: means any person who, with respect to the extension of credit by others, sells, provides, or performs, or represents that such person can or will sell, provide, or perform any of the following services in return for the payment of money or other valuable consideration:
    (i) Improving a consumer's credit record, history, or rating. See Tennessee Code 47-18-1002
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • File: when used in connection with information on any consumer, means all of the information on that consumer recorded and retained by a consumer reporting agency regardless of how the information is stored. See Tennessee Code 47-18-1002
(A) A complete and accurate statement of the consumer‘s right to review any file on the consumer maintained by any consumer reporting agency, and the right of the consumer to receive a copy of a consumer report containing all information in that file as provided under the federal Fair Credit Reporting Act (15 U.S.C. § 1681g);
(B) A statement that a copy of the consumer report containing all information in the consumer’s file will be furnished free of charge by the consumer reporting agency, if requested by the consumer within thirty (30) days from receipt of the consumer’s request; and
(C) A statement that a nominal charge, not to exceed eight dollars ($8.00), may be imposed on the consumer by the consumer reporting agency for a copy of the consumer report containing all information in the consumer’s file, if the consumer has not been denied credit within sixty (60) days from receipt of the consumer’s request.
(2) A complete and accurate statement of the consumer’s right to dispute the completeness or accuracy of any item contained in any file on the consumer that is maintained by any consumer reporting agency, as provided under the federal Fair Credit Reporting Act (15 U.S.C. § 1681i);
(3) A complete and detailed description of the services to be performed by the credit services business for or on behalf of the consumer, and the total amount the consumer will have to pay, or become obligated to pay, for the services;
(4)

(A) Name and address of the surety company which issued the bond in accordance with § 47-18-1011;
(B) A statement explaining the consumer’s right to proceed against the bond; and
(5) A complete and accurate statement of the availability of nonprofit credit counseling.
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