The Credit Repair Organization Act Are Your Rules to Follow in Conducting Business
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by: Credit_Software
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Date: Fri, 27 Feb 2009 Time: 12:00 AM
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Credit is so important in today's fast-paced, impulse spending world that the federal government has put in place the credit repair organization act. These are the rules that you have to follow in order to make your credit repair business opportunity blossom. Failure to comply with the rules set forth in the credit report organization act can get you penalized with hefty fines or land you in jail.
The federal government recognizes in the terms of the credit repair organization act that some entrepreneurs have taking the credit repair business opportunity too far. They have accused these entrepreneurs of preying on the consumer in similar manners as predatory lenders. The credit repair organization act has been established to stop these kinds of predatory actions. The federal government has even gone so far as to say that these entrepreneurs have actually caused additional financial hardships on their customers that make it impossible for the customer to pull themselves out of the hole.
It starts with giving up the closely guarded credit repair secrets. As advised by the federal government in the credit repair organization act, the consumer must be provided with the information necessary to make informed decisions on the purchase of credit repair services, the credit repair dispute process, and the hidden fees that the credit repair organization act looks to uncover.
The credit repair organization act forbids you from making any statement, or counsel or advise any consumer to make any statement, which is untrue or misleading (or which, upon the exercise of reasonable care, should be known by the credit repair organization, officer, employee, agent, or other person to be untrue or misleading) with respect to any consumer's credit worthiness, credit standing, or credit capacity to credit reporting agencies or any person who has extended credit to your customer. They are basically telling you not to lie when you submit credit dispute forms to the credit bureaus.
Why jeopardize your credit repair business opportunity, your freedom, and your money with lies to try and get results? The customer helped to get themselves in this predicament. You are only doing what you can, within the confines of the law, to help them get out. Not go to jail for them. Besides, it's not a professional credit repair letter if you falsify information. This type of thing has a way of getting around to other people who may have once considered doing business with you. They won't after you've been accused of fraud.
The credit repair organization act also requires you to provide your customer with a statement called the Consumer Credit File Rights Under State and Federal Law. This is a statement about the consumer's rights to dispute relevant information on their credit reports. There are also laws about properly disclosing information included in the credit repair organization act. Read the laws carefully and understand the rights of your customers and your state and federal obligations. Ignoring these laws can transform your credit repair business opportunity into a financial and legal nightmare with the state and local governments.
About the Author
Mike Citron is a nationally recognized credit and finance expert. Mike consults with companies of all sizes on proper Credit Repair Business structure and ethics. As director of sales and marketing for the industries premier Professional Credit Repair Software
Mike gets a first hand look at 1000's of credit repair businesses around the globe.
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