What are the laws governing credit repair?

In Washington, credit repair law is governed by the Credit Services Organization Act, which is a state law. The law requires credit repair companies to be licensed and registered with the state Department of Financial Institutions. It also requires that credit repair companies provide certain disclosures to their clients, such as the services they will provide and any fees associated with those services. The law also requires that credit repair companies offer a three-day cooling-off period for consumers to change their minds about their services. It also requires that credit repair services use certain types of contracts and provide certain information about the services and fees the company will be offering. Lastly, the law prohibits credit repair companies from charging any fees until they have provided the services they promised. In addition to these laws, the federal Fair Credit Reporting Act also provides protections for consumers when it comes to credit repair. This law gives consumers the right to dispute inaccurate, incomplete, or outdated information on their credit reports. The law also prohibits creditors and credit repair companies from engaging in deceptive practices when it comes to credit reports. All in all, these laws are designed to protect consumers who are looking to repair their credit. They ensure that credit repair companies are providing legitimate services and that all fees are disclosed up front. They also provide consumers with the necessary information they need to make informed decisions when it comes to their credit.

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What are the laws governing credit repair?

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