The Credit Repair Organizations Act
In Credit Repair of CreditGuru (November 27, 2008 10:42 pm)
Credit repair is very popular. There are dozens of websites advertising credit repair services. If you are considering credit repair, you should know about a law called the Credit Repair Organization Act. This law prohibits credit repair companies from making false and misleading statements.
Further, credit companies cannot receive payment before any promised service is completed or fully performed Services must be under written contract, which must include a detailed description of the services and contract performance time. Credit repair companies must provide customers with a separate written disclosure statement describing the consumer’s rights before entering into the contract. Consumers can sue to recover the greater of the amount paid or actual damages, punitive damages, costs, and attorney’s fees for violations of this law.
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