Sentences with phrase «by credit repair organizations»

The proliferation of such business practices by credit repair organizations caused investigations by law enforcement agencies at all levels of government.

In order to make informed decisions, consumers should be aware of the evolving tactics used by credit repair organizations in their marketing and business practices.

It intends to protect the public from unfair or deceptive advertising and business practices by credit repair organizations.

This law prohibits deceptive practices by credit repair organizations.

Advance fees have been couched as «deposits» under a contract for services, or as fees that will be returned only after successful completion of the credit repair program (the term «successful» being strictly defined by the credit repair organization).

Not exact matches

The Act came about as a response to evidence that credit repair organizations were cheating money out of consumers looking to improve their credit scores by claiming to remove negative items from credit reports.

(B) «Credit repair services organization» does not include: (i) Any person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States; (ii) Any bank or savings and loan institution whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation; (iii) Any nonprofit organization exempt from taxation under Section 501 (c)(3) of the Internal Revenue Code of 1986; (iv) Any person licensed as a real estate broker by this state if the person is acting within the course and scope of that license; (v) Any person licensed to practice law in this state if the person renders services within the course and scope of his or her practice as an attorney; (vi) Any broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker - dealer is acting within the course and scope of those regulatory agencies; or (vii) Any consumer reporting agency as defined in the federal Fair Credit Reporting Act (15 U.S.C. 1681 - 1Credit repair services organization» does not include: (i) Any person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States; (ii) Any bank or savings and loan institution whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation; (iii) Any nonprofit organization exempt from taxation under Section 501 (c)(3) of the Internal Revenue Code of 1986; (iv) Any person licensed as a real estate broker by this state if the person is acting within the course and scope of that license; (v) Any person licensed to practice law in this state if the person renders services within the course and scope of his or her practice as an attorney; (vi) Any broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker - dealer is acting within the course and scope of those regulatory agencies; or (vii) Any consumer reporting agency as defined in the federal Fair Credit Reporting Act (15 U.S.C. 1681 - 1credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States; (ii) Any bank or savings and loan institution whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation; (iii) Any nonprofit organization exempt from taxation under Section 501 (c)(3) of the Internal Revenue Code of 1986; (iv) Any person licensed as a real estate broker by this state if the person is acting within the course and scope of that license; (v) Any person licensed to practice law in this state if the person renders services within the course and scope of his or her practice as an attorney; (vi) Any broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker - dealer is acting within the course and scope of those regulatory agencies; or (vii) Any consumer reporting agency as defined in the federal Fair Credit Reporting Act (15 U.S.C. 1681 - 1Credit Reporting Act (15 U.S.C. 1681 - 1681t).

(2)(A) «Credit repair services organization» means any person who, with respect to the extension of credit to a buyer by others, sells, provides, or performs, or represents that he can or will sell, provide, or perform, in return for the payment of money or other valuable consideration any of the following services: (i) Improving a buyer's credit record, history, or rating; (ii) Obtaining an extension of credit for a buyer; (iii) Providing advice or assistance to a buyer with regard to either division (i) or (ii) of this subparaCredit repair services organization» means any person who, with respect to the extension of credit to a buyer by others, sells, provides, or performs, or represents that he can or will sell, provide, or perform, in return for the payment of money or other valuable consideration any of the following services: (i) Improving a buyer's credit record, history, or rating; (ii) Obtaining an extension of credit for a buyer; (iii) Providing advice or assistance to a buyer with regard to either division (i) or (ii) of this subparacredit to a buyer by others, sells, provides, or performs, or represents that he can or will sell, provide, or perform, in return for the payment of money or other valuable consideration any of the following services: (i) Improving a buyer's credit record, history, or rating; (ii) Obtaining an extension of credit for a buyer; (iii) Providing advice or assistance to a buyer with regard to either division (i) or (ii) of this subparacredit record, history, or rating; (ii) Obtaining an extension of credit for a buyer; (iii) Providing advice or assistance to a buyer with regard to either division (i) or (ii) of this subparacredit for a buyer; (iii) Providing advice or assistance to a buyer with regard to either division (i) or (ii) of this subparagraph.

-- Any consumer may cancel any contract with any credit repair organization without penalty or obligation by notifying the credit repair organization of the consumer's intention to do so at any time before midnight of the 3rd business day which begins after the date on which the contract or agreement between the consumer and the credit repair organization is executed or would, but for this subsection, become enforceable against the parties.

Some of those employees, contractors and affiliated organizations may be located outside of your home country; by using Best Credit Repair websites, you consent to the transfer of such information to them.

One of the more important areas covered by CROA is how credit repair organizations can get paid.

As an organization of dedicated credit repair specialists, our objective is to help clients increase their credit scores by as many as 150 + points.

[FN6] A credit repair organization, as defined by the CROA, is any person who uses an instrumentality of interstate commerce or the mails to provide services that improve a consumer's credit, or provide advice or assistance to any consumer regarding his or her credit.

[FN25] However, an important exemption from the definition of «credit repair organization» in the CROA, and one that has indeed become crucial in the evolution of credit repair organizations covered by the act, relates to «any nonprofit organization exempt from taxation under § 501 (c)(3) of title 26.»

Many states prohibit any payment by the client prior to the credit repair organization rendering services.

~ John Wilson John Wilson is certified as both a Board Certified Credit Consultant and Certified Credit Score Consultant by the Credit Consultants Association, a non-profit organization for the certification of Credit Repair companies.

Should you need credit repair advice, whether based on an error by a lender or other organization or based on your own past financial miscalculations, an industry expert can provide credit rating repair tips or services — give our office a call to learn more.

For example, let's assume a consumer is working on 50 negative items and the per item fee charged by the credit repair service organization is $ 25.

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 concredit repair organizations must give you a copy of the «Consumer Credit File Rights Under State and Federal Law» before you sign a conCredit File Rights Under State and Federal Law» before you sign a contract.

On an annual basis there are millions of negative items disputed by consumers through credit repair service organizations and the exact effectiveness can not be determined.

Please note that FICO is not a credit repair organization or similarly regulated organization governed by the federal Credit Repair Organizations Act or similar statecredit repair organization or similarly regulated organization governed by the federal Credit Repair Organizations Act or similar staterepair organization or similarly regulated organization governed by the federal Credit Repair Organizations Act or similar stateCredit Repair Organizations Act or similar stateRepair Organizations Act or similar state laws.

The exemption provided for in this Paragraph does not apply when a certified public accountant is paid a fee by a client solely for the purposes of providing services, directly or indirectly, as a credit repair services organization defined in Paragraph (A)(4) of this Section.

E. Any person who acts as a credit repair services organization without complying with the provisions of this Part shall be subject to forfeiture of the compensation attributable to a particular client and received by the credit repair services organization in connection with credit repair services activity for that client.

(5) Advertise or cause to be advertised, in any manner whatsoever, the services of a credit repair services organization without filing a registration statement with the office of financial institutions, unless otherwise provided by this Part.

In case of an action brought by a buyer, actual damages shall not be less than the amount paid by the buyer to the credit repair services organization.

You can repair your credit report by following the steps below but you can always look for online advice from a government source or other trusted organization.

A depository holding money in a trust account under this Part may not convey money in the account to the credit repair services organization that established the account or a representative of the credit repair services organization unless the credit repair services organization or representative presents a statement issued by the office of financial institutions indicating that R.S. 9:3573.5 (E) has been satisfied in relation to the account.

A buyer injured by a violation of this Part or by a credit repair services organization's breach of contract subject to this Part may maintain an action in a court of competent jurisdiction for recovery of actual damages plus costs of suit and reasonable attorney fees, which shall be measured by the time reasonably expended by the consumer's attorney and not by the amount of recovery.

In the event of a willful violation by a credit repair services organization of this Part or of a contract subject to this Part, a person who is injured thereby shall be awarded, in addition to the damages allowable under Subsection A of this Section, an additional amount equal to twice the actual damages awarded under Subsection A of this Section.

The exemption provided for in this Paragraph does not apply when an attorney is paid a fee by a client solely for the purposes of providing services, directly or indirectly, as a credit repair services organization as defined in Paragraph (A)(4) of this Section.

The aggregate liability of the surety or trustee to all persons damaged by a credit repair services organization's violation of this Part shall not exceed the amount of the bond or trust account.

(14) Advertises as a credit repair services organization without being properly licensed as required by this Part or advertises as a credit repair services organization in a manner determined by the commissioner, in his discretion, to be in violation of any provision of this Part or any rule or regulation promulgated pursuant to this Chapter or 15 U.S.C. 1679.

(1) Charge a buyer or receive from a buyer money or other valuable consideration unless the credit repair services organization has obtained, in accordance with R.S. 9:3573.4, a surety bond issued by a surety company authorized to do business in this state or has established and maintains a trust account at a federally insured bank or savings association located in this state in which the amount required by R.S. 9:3573.4 (E) is held in trust as required by R.S. 9:3573.4.

(7) Directly or indirectly, as determined by the commissioner, through any affiliate, subsidiary, related person, or otherwise, charge or receive any money or other consideration or thing of value for the performance of any service which the credit repair services organization has agreed to perform, or represented that it will perform, for any buyer before such service is fully performed.

(b) Such books, records, and accounts shall be maintained separate and apart from any other business in which the organization is involved and shall be kept at the location in the state at which the credit repair services activity occurred or at the organization's principal office unless otherwise permitted in writing by the commissioner.

The breach by a credit repair services organization of a contract under this Part, or of any obligation arising from a contract under this Part, is a violation of this Part.

GOFreeCredit and its benefit providers are not credit repair service providers and do not receive fees for such services, nor are they credit clinics, credit repair or credit services organizations or businesses, as defined by federal and state law.

You can avoid credit repair scams by going through these organizations, checking companies through the Better Business Bureau and not paying large upfront fees to accomplish your goals.

GOFreeCredit and its benefit providers are not credit repair service providers and do not receive fees for such services, nor are they credit clinics, credit repair or credit services organizations or businesses, as defined by federal and state law.