Credit Repair Organizations Act (H.R. 458): Hearing Before the Subcommittee on Consumer Affairs and Coinage of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One-hundredth Congress, Second Session, on H.R. 458, a Bill to Prevent Consumer Abuse by Credit Repair Organizations, September 15, 1988, Volume 4

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Page 173 - ... right to dispute inaccurate information in your credit report by contacting the credit bureau directly. However, neither you nor any "credit repair" company or credit repair organization has the right to have accurate, current, and verifiable information removed from your credit report. The credit bureau must remove accurate, negative information from your report only if it is over 7 years old. Bankruptcy information can be reported for 10 years. "You have a right to obtain a copy of your credit...
Page 150 - Civil liability (a) Except as otherwise provided in this section, any creditor who fails in connection with any consumer credit transaction to disclose to any person any information required under this chapter to be disclosed to that person is liable to that person in an amount equal to the sum of (1) twice the amount of the finance charge in connection with the transaction, except that the liability under this paragraph shall not be less than $100 nor greater than $1,000 ; and...
Page 144 - organization" means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. (d) The term "person" means a natural person or an organization. (e) The term "credit...
Page 42 - If the completeness or accuracy of any item of information contained in his file is disputed by a consumer, and such dispute is directly conveyed to the consumer reporting agency by the consumer, the consumer reporting agency shall within a reasonable period of time reinvestigate and record the current status of that information unless it has reasonable grounds to believe that the dispute by the consumer is frivolous or irrelevant. If after such reinvestigation such information is found to be inaccurate...
Page 169 - Correcting and updating such information benefits creditors as well as consumers by helping to ensure that credit-granting decisions are made on the basis of complete and accurate information reflecting the probable creditworthiness of the consumer.
Page 177 - Act, with respect to any consumer commodity which is not a food, drug, device, or cosmetic, shall constitute an unfair or deceptive act or practice in commerce in violation of section 5 (a) of the Federal Trade Commission Act and shall be subject to enforcement under section 5(b") of the Federal Trade Commission Act.
Page 151 - ... under this subparagraph in 21 such action shall not be more than the lesser of $500,000 22 or 1 per centum of the net worth of the defendant; and 23 " (3) in the case of any successful action to enforce 24 the foregoing liability, the costs of the action, together 18 1 with a reasonable attorney's fee as determined by the 2 court. 3 "(b) In determining the amount of award in any class 4 aclion tinder subsection (a) (2) (B), the court shall con5 sider, among other relevant factors, the amount...
Page 169 - It involves the marketing of credit repair services to consumers whose credit bureau reports contain negative information that interferes with their ability to obtain credit. The principal method such businesses rely upon to improve consumers...

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