The Credit Repair Organization Act (CROA)
The Credit Repair Organization Act protects people from breaking credit repair laws. It also protects people from falling victim to common credit repair scams. These federal laws were passed in 1996 and require credit repair companies to advertise and communicate honestly with consumers.
CROA is part of a larger set of credit repair laws called Consumer Credit Protection Act (CCPA). These laws are put in place by the federal government to protect consumers from credit repair companies that charge people money under false pretenses, making promises that they can’t keep and performing illegal acts to repair credit.
Although it may be possible for you to get significantly more improved credit by having inaccurate negative information removed from you credit reports, you can accomplish this by disputing the negative items with the 3 credit bureaus. Hiring a professional, legitimate credit repair company can accomplish a lot more steps in the process at a much faster rate than if someone were to handle their credit repair on their own.
There aren’t any secret tricks to fixing a bad credit score – none that are legal, anyways. By repaying your unpaid debts and other financial problems, you’ll find that your credit score improves quickly over time.
And remember, the CROA makes it illegal for credit repair companies to make false promises that they can do certain things to give someone a brand new credit profile. These set of laws require credit repair companies to be transparent about how they’re taking actions to repair credit.
Credit Repair Services
Hiring a credit repair company or expert is excellent for those who don’t have the desire, time, or patience to deal with it themselves. If you find a credit repair company that is trustworthy, legitimate, and reliable, then the more power to you!
For instance, if you’ve had your identity stolen, the process of trying to get it back could be a nightmare. Having your identity stolen can wreak havoc on your credit score and create a long list of other problems that can make you an undesirable candidate for taking out a loan.
The best way to rectify this situation is to hire a professional. The credit repair experts at My Credit Advice have dealt with fixing identity theft for many years and they understand the process like the back of their hand. Trust us to give you back your identity, and repair your damaged credit!
Additionally, we’ll provide you with expert financial guidance and advice so that you can make better financial decisions in the future.