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About Credit Repair Companies
Important Questions to
ask Credit Repair Companies
Rules governing Credit Repair Companies
The Credit Repair Organizations Act
This act spells out the obligations that credit repair organizations have
when providing services to consumers. There are many rules that these companies are obliged to
follow, and they are designed to protect the consumer from credit repair scams
and unreasonable offers. Some important details are outlined below.
Credit repair companies are legally required to:
1) provide a copy of the "Consumer Credit File Rights Under State and
Federal Law" prior to an individual signing any contract with them.
2) provide a written contract that clearly spells out your rights
and obligations.
Read these documents carefully and understand their contents fully before signing the contract.
As well, credit repair companies cannot:
1) make false claims about their abilities, qualifications or services
2) charge a consumer any fees until the services have been completed
3) provide their services until after an individual has signed their written
contract
4) complete any services until after the three day waiting period AFTER
the signing of the written contract has expired
Any contract an individual signs with a credit repair company must
include:
1) all payment terms, including a total cost for all services
2) expected length of time that will be required to achieve results
3) concise description of the services to be given
4) any and all guarantees they offer
5) the credit repair company's name
6) the credit repair company's address
Many states have additional legal obligations for credit repair companies.
Contact your state's consumer affairs office or State Attorney General for
additional information.
Click here for our FREE online credit evaluation.
Click here to order credit repair services online.
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The Federal Trade Commission offers extensive information and warnings about credit repair companies. The Consumer Action group offers an alerts page about potential credit repair scams.
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