25 Aug What Is A Credit Repair Organization
A Credit Repair Organization (CRO) is an organization (or and individual) that provides or offers to provide services improving a consumer’s credit record, credit history, or credit rating for a fee. A company can also be considered a CRO if it provides advice or assistance to a consumer on how to improve their credit.
Non-profit credit counseling organizations, creditors trying to restructure a consumer’s debt to it, and banks and credit unions are not CRO’s.
The Federal Credit Repair Organizations Act provides for very specific disclosure requirements before a CRO can provide services, including the need for a written contract, and a three-day right to cancel the agreement.
The following articles discuss the risks associated with CRO’s:
Credit Repair: What They Don’t Tell You
Credit Repair:Watch Out!
Latest posts by Kevin Gipson, New Orleans Bankruptcy Attorney (see all)
- Donald Trump Business Bankruptcies. A Summary. - January 20, 2017
- The Reverse Mortgage. What You Need To Know! - April 24, 2016
- Payday Loans: Myths and Facts! - February 21, 2016
- Medical Credit Cards: The Good, The Bad, And The Ugly - October 14, 2013
- Will Obamacare Reduce Bankruptcy Filings? - October 1, 2013