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What is the Credit Repair Organizations Act (CROA)?

What is the Credit Repair Organizations Act (CROA)?

Due to the increased reliance on a credit score, credit repair has become an enormous business, with many companies helping and hurting consumers.

The CROA protects consumers from credit repair firms that use unethical practices.

The Biggest Takeaway From CROA

  • Credit repair companies must clearly justify the payment structure.
  • There ought to be no payment given before any services are performed.

Credit Repair Company Must Provide:

  • Contract that permits you 3-days to cancel
  • Description of the services need to be clear
  • A clear description of the payments required after service has been completed
  • The deadline of the completion of the services

Credit Repair companies can:

  • Send necessary letters to dispute inaccurate info
  • Get copies of credit reports
  • Handle credit report problems

Credit Repair Firms Can’t:

  • Lie around credit history
  • Alter the consumer’s identity
  • Lie about the services they’ll offer
  • Have you pay before the service is completed

If you feel that a credit repair company has violated your rights, contact us immediately.

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