What is the Credit Repair Organizations Act?

The Credit Repair Organizations Act is a federal law that helps protect consumers from fraudulent credit repair organizations. The law requires credit repair organizations to provide consumers with a written disclosure statement that informs them of their rights before signing any contract, as well as a three-day cooling-off period in which a consumer can cancel their contract. The Credit Repair Organizations Act also requires credit repair organizations to disclose their fee structure and not charge consumers until services have been rendered. In Oklahoma, the Credit Repair Organizations Act is enforced by the state’s Department of Consumer Credit (DOC). The DOC is responsible for investigating credit repair organizations that have violated the law, as well as issuing licenses to credit repair organizations that are in compliance with the law. Additionally, the DOC provides information to the public about the Credit Repair Organizations Act and its regulations. The Credit Repair Organizations Act has helped protect consumers from scams and fraudulent credit repair practices. By requiring credit repair organizations to provide written disclosure statements, disclose fee structures, and not charge until services are rendered, the Credit Repair Organizations Act has helped consumers make informed decisions about their credit repair services and seek assistance from legitimate organizations.

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What is the Credit Repair Organizations Act?

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