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Credit Repair Organizations Act
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The Credit
Repair Organizations Act:
By law, credit repair organizations must give
you a copy of the "Consumer Credit File Rights Under State and Federal
Law" before you sign a contract. They also must give you a written contract
that spells out your rights and obligations. Read these documents before signing
the contract. The law contains specific protections for you. For example, a
credit repair company cannot:
- make false claims about
their services;
- charge you until they have
completed the promised services; or
- perform any services until
they have your signature on a written contract and have completed a
three-day waiting period. During this time, you can cancel the contract
without paying any fees.
Your contract must specify:
- the payment terms for
services, including their total cost;
- a detailed description of
the services to be performed;
- how long it will take to
achieve the results;
- any guarantees they offer;
and
- the company's name and
business address.
Have
You Been Victimized?
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