digplanet beta 1: Athena
Share digplanet:

Agriculture

Applied sciences

Arts

Belief

Business

Chronology

Culture

Education

Environment

Geography

Health

History

Humanities

Language

Law

Life

Mathematics

Nature

People

Politics

Science

Society

Technology

The Credit Repair Organizations Act ("CROA") is not actually an Act, it is actually Title IV of the Consumer Credit Protection 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]

Now more than ever consumers must establish and maintain strong credit worthiness and standing in order to obtain more credit. As a result many consumers who have experienced credit problems seek assistance from credit repair organizations. Some credit repair organizations, however, advertise and engage in unfair business practices which result in financial hardship for consumers, particularly those of limited economic means or are uneducated[citation needed].

The purposes of the Credit Repair Organizations Act is to ensure that prospective buyers credit repair services from credit repair organizations are provided with the information necessary to make an informed decision. It intends to protect the public from unfair or deceptive advertising and business practices by credit repair organizations. It enumerates prohibited practices, required disclosures, contract requirements, liability, and penalties for non-compliance and procedure to report non-compliance.

One of the more important areas covered by CROA is how credit repair organizations can get paid. It is the general consensus that a credit repair company can only be paid after services have been rendered. This can be done using a monthly fee model where companies charge clients on a monthly basis after services are rendered or on the more modern pay after deletion model where clients only pay after items are deleted from the credit report. Companies that charge excess "setup" fees or all of their fees upfront violate the provisions of CROA.[2]

References[edit]

  1. ^ http://www.creditrepaircompanies123.com/credit-repair-organizations-act-croa-summary/
  2. ^ http://www.ftc.gov/os/statutes/croa/croa.shtm

Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Credit_Repair_Organizations_Act — Please support Wikipedia.
A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.
978 videos foundNext > 

Credit Repair Organizations Act (CROA) Explained | BCRC

http://bestcreditrepaircompanys.com Ever wonder what rights you have as a consumer of credit? Learn, in simple terms, what undeniable rights you have and how...

Credit Repair Organizations Act

http://nationalcreditfederation.com/credit-u/croa http://www.nationalcreditfederation.com http://www.facebook.com/nationalcreditfederation http://www.youtube...

What Is The Credit Repair Organizations Act

What is the Credit Repair Organization Act?

To find out more about this subject click here: http://www.creditnowusa.com/Credit-Repair Credit Now USA offers assistance and advice on all matters pertaini...

Lexington Law Credit Repair 1-877-266-4498 (free consultation 7 days a week)

Lexington Law is the leader in credit repair Get clean credit letter today. Breaking News: How to Clean your Credit in 20 days using Simple Letter that Works...

How to Repair Bad Credit in 20 Days using Simple Letter that Works!

http://www.cleancreditletter.info Get clean credit letter today. Breaking News: How to Clean your Credit in 20 days using Simple Letter that Works! fast cred...

CREDIT REPAIR DALLAS, FAST CREDIT REPAIR DALLAS, NEED CREDIT REPAIR DALLAS

24 HR CREDIT REPAIR IN ALL 50 STATES CALL NOW - Phone: 424-234-FICO (3426) We've helped over 3000 people improve their credit, removing thousands of negativ...

Credit Repair Scam - Buying Fake Customer Testimonials

Credit Repair Scam - Credit Repair Companies are buying fake testimonials. Visit our website: http://BetterCreditGuaranteed.com 1-800-216-2725 Why are credit...

Pay After Deletion Credit Repair Question Of The Day - Is Credit Repair Legal?

http://www.PayAfterDeletion.com Pay After Deletion Credit Repair Question Of the Day Question: Is Credit Repair Legal? Answer: This is a very good and very c...

How to Increase Credit Scores Within a Few Weeks - Not Credit Repair but Credit Enhancement

http://www.730Fico.com and http://maxxfundsolutions.com/credit-enhancement-education/ You don't have to take it, any more. Now you can choose to get back in ...

978 videos foundNext > 

2 news items

 
Lexology (registration)
Tue, 25 Mar 2014 10:26:15 -0700

Recently the Ninth Circuit Court of Appeals issued its opinion in the appeal of Stout v. FreeScore, LLC concerning the scope of the Credit Repair Organizations Act (“CROA”). The result is not good for advertisers of credit counseling, debt relief ...
 
Law360 (subscription)
Wed, 02 Apr 2014 15:45:29 -0700

In addition, there are a number of consumer financial protection laws, such as the Credit Repair Organizations Act and state debt-adjusting and consumer protection statutes, that authorize both government enforcement and private rights of action ...
Loading

Oops, we seem to be having trouble contacting Twitter

Talk About Credit Repair Organizations Act

You can talk about Credit Repair Organizations Act with people all over the world in our discussions.

Support Wikipedia

A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia. Please add your support for Wikipedia!