Credit Bureaus

NMSA 1978 ch. 56, art. 3

in effect

NMSA 1978, § 56-3-1 Definitions

56-3-1. Definitions As used in this act [56-3-1 to 56-3-6 NMSA 1978]: A. "credit bureau" means any business engaged in furnishing credit information about consumers; and B. "consumer" means any natural person in the general consuming public who seeks or is seeking credit for personal, family or household purposes. 1953 Comp., § 50-18-1, enacted by Laws 1969, ch. 259, § 1; 1971, ch. 278, § 4.

NMSA 1978, § 56-3-2 Availability of information to the public; liability

56-3-2. Availability of information to the public; liability A. Any credit bureau conducting business in the state shall provide trained personnel to interview and counsel with a consumer, during normal business hours, concerning any information about that consumer contained in the credit bureau's files. B. A credit bureau, upon request, shall disclose the content of all information about that particular consumer which is included in his credit report or rating, if the consumer making the request presents adequate identification. C. For any consumer to whom credit has been refused because of a credit bureau's report, the credit bureau which compiled the report shall make any necessary reinvestigation and perform any necessary updating or correction of records at no cost to the consumer. A credit bureau may charge a fee of not to exceed five dollars ($5.00) for any reinvestigation requested by any consumer, if that consumer has not been refused credit on the basis of a credit bureau report. D. After a credit bureau has been given written notice of any error in its credit report or record by a consumer, the credit bureau is liable for any subsequent report which fails to correct the error. However, prior to receiving written notice of such error, a credit bureau or its source of information is not liable for any damages caused by any reports or dispersal of information which is the result of an unintentional error of either the credit bureau or its source of information. E. A credit bureau shall give to any consumer examining his credit record forms upon which to designate any errors which the consumer discovers in his credit record or report. 1953 Comp., § 50-18-2, enacted by Laws 1969, ch. 259, § 2; 1971, ch. 278, § 1.

NMSA 1978, § 56-3-3 Information to non credit-granting governmental agencies

56-3-3. Information to non credit-granting governmental agencies A. A credit bureau may supply identifying information such as names, addresses, former addresses, places of employment and former employment to non credit-granting governmental agencies. B. No other information may be supplied to such governmental agencies, other than as provided in Subsection A of this section, by a credit bureau except in response to legal process unless the investigation is for security purposes. C. The limitations contained in Subsections A and B of this section shall not apply to the child support enforcement division of the human services department [health care authority department] which shall, unless otherwise prohibited by law, have the right to full access to credit bureau reports for the purpose of assisting it in carrying out its duties to locate child support obligors and enforce child support obligations pursuant to the department's child support program responsibilities set forth in Section 27-2-27 NMSA 1978. The child support enforcement division shall limit its use of consumer credit reports to those purposes permissible under the federal Fair Credit Reporting Act, 15 U.S.C. 1681. The division shall furnish to the credit bureau the judgment or case number for the child support obligation for which a report is requested, and the credit bureau furnishing reports to the division shall audit the division's requests on a monthly basis to assure the division's compliance with this subsection. Any employee of the division having access to credit bureau reports shall limit strictly the use of information contained in the reports to purposes connected with the employee's responsibilities for enforcing child support obligations pursuant to the state's child support enforcement program. 1953 Comp., § 50-18-3, enacted by Laws 1969, ch. 259, § 3; 1989, ch. 165, § 1.

NMSA 1978, § 56-3-4 Information to businesses, professions and individuals

56-3-4. Information to businesses, professions and individuals A. In dealing with businesses, professions and individuals, a credit bureau shall require service contracts to be executed in which the regular subscriber or the occasional user certifies that inquiries shall be made only for the purposes of the granting of credit or other bona fide business transaction, such as evaluation of present or prospective credit risks or evaluation of the qualifications of present or prospective employees. B. The credit bureau shall refuse service to any prospective subscriber or user who will not so certify, and shall discontinue service to any who fails to honor the above contract provisions. 1953 Comp., § 50-18-4, enacted by Laws 1969, ch. 259, § 4.

NMSA 1978, § 56-3-5 Personnel reporting; safeguards

56-3-5. Personnel reporting; safeguards A credit bureau which furnishes personnel-reporting service shall adopt rigid safeguards in order that the specialized information developed in the course of such investigations other than credit information shall be maintained separately, and shall not be incorporated in credit reports or made available to subsequent inquirers except in connection with a subsequent personnel investigation. 1953 Comp., § 50-18-5, enacted by Laws 1969, ch. 259, § 5.

NMSA 1978, § 56-3-6 Report information; limitations

56-3-6. Report information; limitations A. A credit bureau may report the following matters for no longer than the specified periods: (1) bankruptcies of all types for not longer than fourteen years from the date of adjudication of the most recent bankruptcy; (2) accounts placed for collection and accounts charged to profit and loss for not longer than seven years, or until the governing statute of limitations has expired, whichever is the longer period; (3) suits and judgments for not longer than seven years from date of entry, or until the governing statute of limitations has expired, whichever is the longer period; (4) paid tax liens for not longer than seven years and unpaid tax liens for any length of time; (5) arrests and indictments pending trial, or convictions of crimes, for not longer than seven years from date of release or parole. Such items shall no longer be reported if at any time it is learned that after a conviction a full pardon has been granted, or after an arrest or indictment a conviction did not result; and (6) any other data not otherwise specified in this section, for not longer than seven years. B. A credit bureau shall delete as soon as practical any item of derogatory information whenever it is ascertained that the source of information can no longer verify the item in question from its records of original entry. 1953 Comp., § 50-18-6, enacted by Laws 1969, ch. 259, § 6.

NMSA 1978, § 56-3-7 Civil liability for noncompliance

56-3-7. Civil liability for noncompliance A. Any credit bureau or user of information that willfully fails to comply with any requirement of Sections 56-3-1 through 56-3-6 NMSA 1978 with respect to any consumer is liable to that consumer in an amount equal to: (1) any actual damages sustained by the consumer as a result of the failure; (2) punitive damages as the court may allow; and (3) in the case of any successful action under this section, costs of the action and reasonable attorney's fees as determined by the court. B. Any credit bureau or user of information that is negligent in failing to comply with any requirement of Sections 56-3-1 through 56-3-6 NMSA 1978 with respect to any consumer is liable to that consumer in an amount equal to: (1) any actual damages sustained by the consumer as a result of the failure; and (2) in the case of any successful action under this section, costs of the action and reasonable attorney's fees as determined by the court. 1953 Comp., § 50-18-7, enacted by Laws 1971, ch. 278, § 2.

NMSA 1978, § 56-3-8 Penalty

56-3-8. Penalty It is a fourth-degree felony for: A. any person to knowingly and willfully obtain information on a consumer from a credit bureau under false pretenses; or B. any officer or employee of a credit bureau to knowingly and willfully provide information concerning a consumer from the credit bureau's files to a person or firm not authorized to receive that information. 1953 Comp., § 50-18-8, enacted by Laws 1971, ch. 278, § 3.

Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18559/index.doFetched: 10/20/2026