Aren there laws regulating the credit repair industry?
There are indeed. The most prominent one is the Credit Repair Organizations Act (CROA), a bill signed into law in 1996 to protect the public from unfair and deceptive advertising practices by credit repair organizations. Among other things, CROA requires that you be given a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract, as well as a contract that spells out your rights and obligations. Credit Attorney does both. Additionally, the Federal Trade Commission (FTC) investigates complaints about credit repair organizations and takes appropriate legal action. Fraudulent credit repair organizations have long been the target of FTC investigations, culminating most recently in Project Credit Despair which has snared 20 credit repair scammers to date.
