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CORA
 
 
 
 
 
 







































 
 
 
 
The Credit Repair Organizations Act

Enforced by The Federal Trade Commission (FTC),

The Credit Repair Organization Act was put in place to protect

consumers from unscrupulous practices by organizations who

claim to repair credit.

The Act seeks to ensure that consumers who decide to use credit

repair services are aware of their rights and are able to make an

informed decision about choosing to pay a credit repair company.

Recognizing a Credit Repair Scam

The FTC urges caution when choosing a credit repair firm,

stressing the following:

 
1. Beware of Companies That Don't Give You A Written Contract

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 the terms and conditions of payment

and describes in-depth the services to be provided; including

any guarantees of performance and your rights and

obligations should also be disclosed.

 
2. Beware of Companies That Guarantee Results
  No credit repair company is so good that it can guarantee a
specific outcome. Guarantees are a sure sign of credit repair
fraud.
 
3. Beware of Companies That Charge Fees In Advance
The company wants you to pay for credit repair services
before they provide any services. Under the Credit Repair Organizations Act, credit repair companies cannot require
you to pay until they have completed the services they have promised.
 
4. Beware When Your Rights Are Not Disclosed
  Beware of the credit repair companies that do not disclose
 your legal rights, and what you can do for yourself for free.
 
5. Beware of Companies That Imply FTC Endorsement
  The Federal Trade Commission does not endorse any
business, period.
 
6. Beware of Companies That Imply CDIA Endorsement
  The Consumer Data Industry Association (CDIA) does not
provide certificates to or certifies credit repair organizations.
 
7. Beware of Companies That Recommend Altering Your Identity
  The company suggests that you try to invent a “new” credit
identity - and then, a new credit report by applying for an
Employer Identification Number to use instead of your Social Security number.
 
8. Beware of Companies That Sell Artificial Tradelines
  ---- This Is A Biggie and Our Blog Post Will Be Attached here Shortly.----
 
9. Beware of Companies If They Ask You To Waive Your Rights
  A credit repair organization can’t ask you to sign any kind
of form waiving your rights under the CROA.
 
10.

Beware of Companies That Don't Allow You to Cancel At

Anytime

  Do not trust any credit repair company that does not allow
you to cancel service whenever you want. This is prohibited
by the Credit Repair Organizations Act.
 
 
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