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 1
... credit repair clinics . These clinics hold themselves out as companies that can help consumers clean up bad credit histories or obtain a clean credit report . Most often their product is not a " Mr. Clean " which leaves a con- sumer's ...
... credit repair clinics . These clinics hold themselves out as companies that can help consumers clean up bad credit histories or obtain a clean credit report . Most often their product is not a " Mr. Clean " which leaves a con- sumer's ...
Page 3
... Credit - Rite , Inc. , doing business in Palmyra , NJ , was defrauding consumers through a scheme wherein they promised to repair the credit of people with poor credit profiles . Credit - Rite , Inc. was operated principally by ...
... Credit - Rite , Inc. , doing business in Palmyra , NJ , was defrauding consumers through a scheme wherein they promised to repair the credit of people with poor credit profiles . Credit - Rite , Inc. was operated principally by ...
Page 4
... credit . Therefore , negotiations were generally not success- ful . Credit - Rite , Inc. attempted to utilize a combination of disputes and negotiations , whereby , they arranged with clients to repay a portion of existing bad debt ...
... credit . Therefore , negotiations were generally not success- ful . Credit - Rite , Inc. attempted to utilize a combination of disputes and negotiations , whereby , they arranged with clients to repay a portion of existing bad debt ...
Page 8
... Credit Repair Organi United States. Congress. House. Committee on Banking ... credit repair might not be possible to do . Meantime , Credit - Rite was ... bad to worse . People were clamoring for their money back on their 18 month ...
... Credit Repair Organi United States. Congress. House. Committee on Banking ... credit repair might not be possible to do . Meantime , Credit - Rite was ... bad to worse . People were clamoring for their money back on their 18 month ...
Page 9
... credit was very bad . Their homes were at stake , their cars , livelihood . The people were at the very ends of their ropes and thought they had no alternatives and no place else to turn . When they came to us , we promised them ...
... credit was very bad . Their homes were at stake , their cars , livelihood . The people were at the very ends of their ropes and thought they had no alternatives and no place else to turn . When they came to us , we promised them ...
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Common terms and phrases
accurate information adverse information advertising ARNOLD Associated Credit Bureaus Attorney bad credit believe Better Business Bureau bill bonding requirement California Call Chairman ANNUNZIO charge clients CONGRESS THE LIBRARY consumer credit consumer reporting contract correct counselors credit bureau reports credit cards credit clinics credit counseling credit file credit granters credit history credit problems credit rating credit repair businesses credit repair clinics credit repair companies credit repair organization credit repair services Credit Reporting Act credit reporting bureaus Credit Services CREDIT-RITE INC creditors customers debt Design Systems disclosure dispute Donald Gray enforcement Fair Credit Reporting FCRA Federal Trade Commission financing franchises fraud Gray guarantee HALFORD HILER Honorable Frank Annunzio inaccurate investigation Jim Gray Jim Mattox Kurth legislation LIBRARY OF CONGRESS NRMA operate paid payment PRINS promise record Repair Organizations Act ROBERTS says Section statement subcommittee suit sumer surety bond Thank tion WYLIE
Popular passages
Page 175 - ... 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 152 - 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 146 - 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 44 - 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 171 - 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 179 - 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 153 - ... 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 171 - 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...