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The law sets out clear regulations for companies offering paid credit repair services. It prohibits certain unfair or misleading practices and requires companies to protect consumers’ rights.
This federal law applies to any organization offering credit repair services, regardless of the state where they operate. In addition, companies must also comply with any applicable state-specific ...
The US Credit Repair Organizations Act ("CROA") is Title IV of the Consumer Credit Protection Act. Despite its name, it is not actually an act; Section 401 states, however, it can be referred to as "Credit Repair Organizations Act". The statute was signed by President Bill Clinton on September 30, 1996. [1]
The Consumer Credit Protection Act (CCPA) is a United States law Pub. L. 90–321, 82 Stat. 146, enacted May 29, 1968, composed of several titles relating to consumer credit, mainly title I, the Truth in Lending Act, title II related to extortionate credit transactions, title III related to restrictions on wage garnishment, and title IV related to the National Commission on Consumer Finance.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.
Key takeaways. Credit repair is a term used to describe the process of restoring your credit rating. You can hire a credit repair company to do the legwork for you or repair your credit on your own.
For example, Lexington Law and Credit Repair, two of the largest credit repair brands in the U.S., have both been sued by the CFPB multiple times for illegal conduct.
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.
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