Arizona Credit Services Requirements
Under the Fair Credit Reporting Act, consumers are allowed to contest information listed on their credit report by the three credit reporting agencies, and if necessary, to pursue legal means to correct errors.
Credit repair services offer consumers assistance when working to correct their credit report, as well as other services to help improve your credit score. Credit repair is legal in all 50 states, though the state of Georgia has stricter regulations than most. However, within the credit repair field, there are scam artists and less reputable companies who will may not always follow through on their promises.
It is important for you, the consumer, to understand your rights and to know what to expect when dealing with credit repair agencies. You have the right to obtain assistance with your financial difficulties and are protected against scam artists by state laws. In the state of Arizona, those laws are laid out by the Arizona Credit Repair Organizations Act.
Arizona Credit Repair Organizations Act
According to the Arizona Credit Repair Organizations Act, it is vital for the people of Arizona to "obtain and use credit." Furthermore, "consumers have a vital interest in establishing and maintaining their creditworthiness and credit standing." Through this Act, the Arizona legislature recognizes that consumers may need to consult and hire credit services organizations who may assist them in reestablishing good credit.
However, the Act goes on to ensure these credit services organizations behave in a responsible and legal manner by recognizing that "Certain advertising and business practices of some credit services organizations have worked a financial hardship on the people of this state, often those who are of limited economic means and inexperienced in credit matters."
Basically, what the act boils down to support for credit repair agencies and protection for consumers from unfair, misleading or illegal practices by those agencies. Those protections include:
• An agency will not charge money solely for referring a client to a creditor who offers them credit on terms similar to those offered to the general public.
• Agencies can not advise clients to make false or misleading statements in order to improve a buyer's creditworthiness, credit standing or credit capacity.
• An agency cannot make untrue, misleading or false statements when advertising or attempting to sell their services.
In addition to these prohibitions, there are certain requirements for Arizona state credit services organizations in terms of the information they must supply to any potential buyer. Prior to entering into a contract with any credit service agency, the consumer is entitled to a statement. This statement MUST include:
• The buyer's right to review and obtain a copy of any file about the buyer, as maintained by a credit reporting agency. The statement must also include an approximate price the buyer will pay for a copy of those files.
• A statement of the right of the buyer to dispute the completeness or accuracy of any information in those files.
• A complete and detailed description of the services the credit service agency will perform on behalf of the buyer.
• The amount the buyer is obligated to pay for the credit service agencies services.
Similar rules apply to the contract between the credit service agency and the buyer, including the assurance that a "conspicuous statement" in 10 point font or larger appears on the contract, near the place for the buyer's signature, which ensures the buyer the right to cancel the contract. The law ensures the right of the buyer to cancel any contract with a credit service agency without any penalty or obligation within three days from the date the contract is signed.
Questions and Answers
You are not alone when trying to find credit repair options. There are millions of Americans currently struggling with bad credit and the long term associations from it.
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