Category: Credit Repair News

How to Spot Illegal/Unethical Credit Repair Companies

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Unfortunately, many credit repair companies try to snare consumers by offering credit repair through illegal or unethical tactics. Credit repair companies themselves are not illegal — in fact, they offer a valuable and much-needed service to many Americans — but they must abide by certain rules and laws if they are to be trusted.

The Credit Repair Organizations Act (“CROA”) is a federal law that protects consumers from unfair and deceptive practices by credit repair organizations. Many states also have their own laws that regulate credit repair organizations. A credit repair organization that engages in practices prohibited by CROA is likely unethical and should not be relied on for your credit repair needs.

How can you spot an illegal or unethical credit repair organization? If you see an organization engaging in one or more of the following illegal practices, then chances are the organization is violating CROA and should not be trusted.

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FICO Score 9: New Model, New Answers

The Fair Isaac Corporation (FICO) is changing their scoring model. After talks with the Consumer Financial Protection Bureau (CFPB) and lenders, FICO developed the Score 9 model, an initiative aimed at providing consumers with easier access to credit. Review the following questions and answers to learn more about how the change affects you.

What has changed with the FICO Score 9 model?

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