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Credit Repair Organizations
(a)
Findings
The Congress makes the following findings:
(1)
Consumers have a vital interest in establishing and maintaining their credit worthiness
and credit standing in order to obtain and use credit. As a result,
consumers who have experienced credit problems may seek assistance from
credit repair organizations which offer to improve the credit standing
of such consumers.
(2)
Certain advertising and business practices of
some companies engaged in the business of credit repair services have
worked a financial hardship upon consumers, particularly those of
limited economic means and who are inexperienced in credit matters.
(b) Purposes
The purposes of this subchapter are—
(1)
to ensure that prospective buyers of the services
of credit repair organizations are provided with the information
necessary to make an informed decision regarding the purchase of such
services; and
(2)
to protect the public from unfair or deceptive advertising and business practices by credit repair organizations.