What Is the Credit Repair Organizations Act?

The Credit Repair Organizations Act (CROA) is a law that helps protect consumers from unethical credit repair companies. It sets standards of conduct for companies offering to help repair or improve credit ratings. The act requires that these organizations disclose the cost and terms of their services in written contracts, as well as inform clients of their right to cancel any services within three days without penalty. Additionally, the CROA prohibits credit-repair companies from charging fees until services are completed and prohibits them from making false or misleading statements about their services.

Enacted in 1996 by the Federal Trade Commission (FTC), the Credit Repair Organizations Act also provides consumers with legal rights if they feel they have been taken advantage of by a credit-repair company. Under this law, consumers can file a complaint with the FTC, who will then investigate and take appropriate actions if violations are found.

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