This is an agreement between a credit report company and a subscriber, where the
subscriber agrees to pay the company a monthly subscription fee, and a per report fee.
In return, the company agrees to provide the subscriber with credit reports on demand.
This document in its draft form contains numerous of the standard clauses commonly
used in these types of agreements; however, additional language may be added to
allow for customization to ensure the specific terms of the partiesâ€™ agreement are
addressed. This agreement can be used by small businesses or by credit reporting
agencies that want to enter into an agreement to provide credit reports on demand.
THIS SERVICE AGREEMENT (the â€œAgreement), made as of ___________ [Instruction:
Insert Date], by and between, by and between ___________ [Instruction: Insert Name of
Credit Report Company], ___________ [Instruction: Insert Address] (â€œCompanyâ€) and
___________ [Instruction: Insert Name of Subscriber], ___________ [Instruction: Insert
WHEREAS, Company is in the business of furnishing certain information, including but not
limited to, identifying information, credit history, employment and public record information
WHEREAS, Subscriber desires to utilize Companyâ€™s services to obtain Information regarding
certain individuals, firms or corporations (each a â€œPersonâ€) for lawful purposes;
NOW, THEREFORE, in consideration of the mutual promises, covenants, stipulations and
agreements set forth herein, Company and Subscriber hereby acknowledge and agree as follows:
A. Provided that Subscriber fully performs all of Subscriberâ€™s material obligations
hereunder, upon request from Subscriber, in the manner described in paragraph 1(B), Company
shall run and provide Subscriber with reports providing Information regarding the Persons for
whom such Information was requested (each, a â€œReportâ€).
B. Company shall provide each Report no more than ___________ (___) hours
[Instruction: Insert Number of Hours] following Companyâ€™s receipt from Subscriber of a
completed â€œReport Request Formâ€, a copy of which is attached hereto as Exhibit â€œAâ€ (each, a
â€œRRFâ€). Each RRF must contain adequate information regarding the Person for whom such
Report is requested and comply with the terms and conditions contained herein as well as with
all applicable Federal and State laws and regulations.
2. Fees. In full consideration of Companyâ€™s Services, Subscriber shall pay the following fees
(the â€œFeesâ€) to Company:
A. A subscription fee in the amount of ___________ Dollars, ($____)[Instruction: Insert
Amount] per month, payable upon the first of the month; and
B. A Report fee in the amount of ___________ Dollars, ($____)[Instruction: Insert
Amount] per Report, payable within ___________ (___) days [Instruction: Insert Number of
Days] following Subscriberâ€™s receipt of the report.
All unpaid Fees shall be subject to Companyâ€™s standard late payment fees and penalties,
including but not limited to the accrual of interest at the legal rate. Further, if any Fees become
more than sixty (60) days in arrears, Company reserves the right to refuse to run additional
Reports for Subscriber.
3. Use of the Information.
A. Subscriber agrees to comply with all the provisions of Public Law 91-508 (the â€œFair
Credit Reporting Actâ€) and all other applicable Federal and State laws and regulations.
B. Subscriber will request Reports only for Subscriber's exclusive use, and Subscriber
certifies that inquiries will be made only when Subscriber intends to use the Information for a
permissible purpose, namely:
i. In connection with a credit transaction involving the extension of credit to or review
or collection of an account of the Person whom the Report is regarding
ii. For employment purposes, provided that Subscriber provides advance written notice
to the Person seeking employment that the Report is being requested. Reports regarding
employees shall only be requested by Subscriber's designated representatives. Employees will
be forbidden to attempt to obtain Reports regarding themselves, associates, or any other person
except in the exercise of their official duties.
iii. In connection with the underwriting of insurance involving the Person.
iv. In connection with a business transaction involving the Person; provided that
Subscriber certifies the legitimate business need for the Report.
C. It is acknowledged that the Fair Credit Reporting Act provides that any person who
knowingly and willfully obtains information on a Person from a consumer reporting agency
under false pretenses shall be fined not more than Five Thousand Dollars ($5,000) or imp