Utah Administrative Code
Topic - Commerce
Title R152 - Consumer Protection
Rule R152-21 - Credit Services Organizations Act Rule
Section R152-21-3 - Definitions

Universal Citation: UT Admin Code R 152-21-3

Current through Bulletin 2024-06, March 15, 2024

(1) "Challenge" means any act performed by a credit services organization to dispute an entry appearing on the buyer's credit report.

(2) "Credit report" means any document prepared by a credit reporting agency used to demonstrate a buyer's credit-worthiness, credit standing, or credit capacity.

(3) "Inaccurate information" means data that includes a typographical error or similar clerical or technical fault that creates reasonable doubt about the data's reliability.

(4) "Material error" means false or misleading information on a buyer's credit report that could reasonably affect a decision to extend or deny credit to the buyer.

(5) "Material omission" means information that:

(a) should appear on a buyer's credit report but does not; and

(b) could reasonably affect a decision to extend or deny credit to the buyer.

(6) "Outdated information" means information that, in accordance with state or federal law, should not appear on the buyer's credit report because of its age.

(7) "Unverifiable information" means an entry on a credit report that lacks supporting evidence sufficient to convince a reasonable person that the entry is proper.

Disclaimer: These regulations may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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