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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 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.
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.
More than 4 million Americans gouged by credit repair companies including Lexington Law and CreditRepair.com will soon collectively receive $1.8 billion in refund checks, the Consumer Financial ...
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.
Luckily, the Credit Repair Organizations Act regulates what companies can say and do. Knowing the law helps you spot red flags, like these: Knowing the law helps you spot red flags, like these:
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