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The FTC has announced that it will carry out credit repairs.
Monday, October 20, 2008, the German Trade Commission (the "FTC"), in collaboration with 25 government authorities in 23 states, today announce "a raid on businesses that falsely allege they can eliminate adverse information from consumer credit statements - even if that information is correct and current. Within the credit repair sector, the two main instruments of FTC implementation in its armoury are Section 5 of the FTC Act, which generally forbids improper and delusive commercial practice, and the FTC Act ("CROA"), which forbids misrepresentation and demands certain positive disclosure when providing or selling credit repair work.
The CROA prevents companies from requiring prepayments, demands that'credit repair' agreements be made in written form and gives certain termination options to the consumer. There has been a general interpretation of the concept of credit repair. Although Section 501(c)(3) organisations are exempt from being regulated by CROA, the extent and implementation of the 501(c)(3) release from CROA has been an area of intensive legal dispute.
Furthermore, a number of states have passed similar legislation, often referred to as "Credit Service Organization Acts" and implemented by prosecutors and sometimes even individual claimants. Government legislation typically has all the characteristics of CROA, but often includes extra service (and product), requires enrollment and commitment, and includes extended bans on fees, which can only be applied in certain conditions, including regulatory requirement.
Some state credit repair laws do not release 501(c)(3) non-profit organisations from regulatory requirements. Through the CROA process, the FTC, Attorneys General and many plaintiff and collective plaintiff attorneys are actively involved. Similar to this 1998 execution sweet, the FTC's Operation Eraser addressed 31 supposedly defrauding credit repair firms, a number of which were under the then new CROA.
Furthermore, CROA and state owned CMSOAs have been used with some degree of effectiveness by the plaintiffs' lawyers against credit counsel and collection firms.