For those struggling with bad credit, it can seem like a bottomless pit with no way to get out. When a credit repair agency comes along boasting of schemes to improve your credit and even erase bankruptcy, you might be tempted to bite the bait without thinking twice.
Unfortunately, the majority of credit repair agencies have developed less than desirable reputations over the years. Many have been accused of seedy business practices and can even place the consumer in a worse place than when they started.
If you recently employed the assistance of a credit repair company and are now trying to untangle the mess, it is in your best interest to speak with a Philadelphia debt defense attorney right away. We can help you navigate the confusion of your credit scores and get your life back on track!
What is the Credit Repair Organizations Act?
The Credit Repair Organizations Act (CROA) was passed in 1996 and is a means of protecting consumers against credit agencies taking advantage of them through deceitful practices. The CROA is a part of the Consumer Credit Protection Act.
Specifically, the CROA requires credit repair agencies to tell customers up-front how their business is run. This act places the needs of the consumer at the forefront by empowering them with the knowledge necessary to make an educated decision.
The CROA essentially removes the guise of deceit which so often covered credit repair agencies in the past.
What to Look Out for With Credit Repair Organizations
In light of the CROA, you should be aware of certain things in credit repair organizations in order to keep yourself and your finances safe.
The following signs may indicate dishonesty within the agency:
- Any requests for upfront compensation
- Encourages you to create a "new" credit identity
- Misinformation regarding your ability to repair your own credit
Getting involved with a fraudulent credit repair agency can have negative financial implications for years to come and can cause significant debt or seemingly irreparable credit scores.
Take Steps to Repair Your Credit
If you have gotten involved with an underhanded credit repair agency or are being harassed by one due to the state of your credit score, we can help. A Philadelphia debt defense attorney from our firm is equipped with several years of experience and can help you take back your future.
My goal is to reach as many people as possible to let them know that they do have the option to combat collection agency bullies.
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Michael P Forbes
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Mr. Forbes has always been driven by the desire to help others. With that in mind he began his law career representing indigent families in the Philadelphia family law system for seven years.
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