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CROA Compliance

CROA Compliance for Credit Repair/Credit Counseling Agency's includes...

Advising consumers of their right to do things themselves, without payment of any kind.

Listing the mandated disclosures on all contracts. The disclosure is not to be edited or interpreted, but to be copied in full with the exact language as is outlined by the CROA.

Providing either paper form or digital link of the FCRA laws as relates to a consumer disputing information contained in their credit report. If a PDF is available, this too must be provided.

Refrain from making claims which cannot be substantiated or proven, including but not limited to promising or predicting consumer credit scores, using false information to defraud the public trust and charging in a manner not permitted by the CROA.

Not charging upfront for services not rendered. Under any circumstances, this cannot be done.

Any company or individual asking for money upfront, especially in an amount that results or can result in a financial hardship is strictly prohibited by the CROA.

Provide a contract with the listed disclosures and rights to a consumer by the federal agencies that oversee Credit Repair/Credit Consultant agencies including the right to cancellation without further obligation. This cannot be stressed enough, no company, organization or individual Credit Repair Agent/Credit Counselor can lock a consumer into a contract under any circumstances.

Companies must provide a term of service where results are to be expected. The language must be clear and not confusing. Consumers are not expected to be experts or educated to CROA laws, but operators are expected to follow the law as it is written without diluting or cleverly editing information.

FCRA Compliance

Proving information to consumers wishing to dispute information on their consumer credit files

All consumers need to understand that information on a Consumer credit File (credit report) must be 100% accurate. Consumers can dispute information in their reports on their own, or by hiring an organization to work on their behalf (by proxy).

FCRA compliance includes guidelines for policies and procedures as it applies to the Fair Credit Reporting Act.

Consumers have the right to dispute accuracy of records kept, request information in tangible format (paper documents) from the original creditors, collection agencies and other debt buyers.

Consumers have the right to request their credit reports free once a year from the top three credit reporting agencies (CRA's) or Credit Bureaus: TransUnion, Experian and Equifax.

Consumers have the right to dispute information reported on a CRA database as well as with any creditor reporting information to a CRA.

For a full list of the FCRA compliance, please click below.

Fair Credit Reporting Act Compliant Credit Repair Florida