How do you know who to trust with your credit repair case and debt management? Where do you start searching?

Somethings to remember for you:

1. The list of individuals and companies below may NOT give you credit restoration advice, or credit repair services.

A. Bankers

B. Loan Officers

C. Real Estate Agents

D. Credit Unions

E. Attorneys

 

Section 68A. For the purposes of sections sixty-eight B to sixty-eight D, inclusive, the following words, unless the context requires otherwise, shall have the following meanings:—

“Buyer”, any individual who is solicited to purchase or who purchases the services of a credit services organization. “Credit services organization”, any person who, with respect to the extension of credit by others, sells, provides, performs, or who represents to sell, provide or perform for the payment of money or other valuable consideration any of the following services: (i) improving a buyer’s credit record, history or rating; (ii) obtaining an extension of credit for a buyer; or (iii) providing advice or assistance to a buyer with respect to either clause (i) or (ii); provided, however, that such term shall not include (a) any person authorized to make loans or extensions of credit under the laws of the commonwealth or the United States, (b) a lender approved by the Secretary of Housing and Urban Development of the United States for participation in any mortgage insurance program under 12 USC 1701 et seq. (National Housing Act), (c) any bank whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, or any subsidiary of such bank, (d) any credit union authorized to do business in the commonwealth under state or federal law, (e) any nonprofit organization exempt from taxation under Section 501(c)(3) of the federal Internal Revenue Code, (f) any person licensed by the commonwealth as a real estate broker when acting within the scope of such license, (g) an attorney at law authorized to practice in the commonwealth when acting within the scope of such practice, (h) any broker-dealer registered with the Securities and Exchange Commission or the Commodities Futures Trading Commission of the United States when acting within the scope of such registration, or (i) any consumer reporting agency as defined in 15 USC 1681 et seq. (Fair Credit Reporting Act). “Extension of credit”, credit extended to a buyer primarily for personal, family or household purposes including the right to defer payment of debt or to incur debt and defer its payment.

2. It is illegal to charge up-front fees with exception of a set-up fee with pricing determination regulated by the Attorney General.

Chapter 93: Section 68B. Credit services organization; restrictions

Section 68B. No credit services organization, its salespersons, agents or representatives, or any independent contractor who sells or attempts to sell the services of a credit services organization shall (1) charge or receive any money or other valuable consideration prior to full, complete and satisfactory performance of the services the credit services organization has agreed to perform for the buyer, unless such organization has obtained a surety bond in an amount not less than ten thousand dollars issued by a surety company authorized to do business in the commonwealth and has established a trust account at a federally insured bank or savings and loan association located in the commonwealth;

3. At all times the credit restoration organization must provide you with copies of all documents with regards to your credit restoration case.

Chapter 93: Section 68C. Written statement provided to buyer; contents

Section 68C. Before the execution of a contract or other form of agreement between a buyer and a credit services organization or before the receipt by any such organization of money or other valuable consideration, whichever occurs first, such organization shall provide the buyer with a statement, in writing, containing the following:

(1) a complete and accurate statement of the buyer’s right to review any file on the buyer maintained by a consumer reporting agency, as provided under 15 USC 1681 et seq. (Fair Crediting Reporting Act);

(2) a statement that the buyer may review his consumer reporting agency file at no charge if a request therefor is made to such agency within thirty days after receipt by the buyer of notice that credit has been denied;

(3) if such request is not made within the allotted time, the approximate charge to the buyer for such review;

(4) a complete and accurate statement of the buyer’s right to dispute the completeness or accuracy of any item contained in any file on the buyer maintained by a consumer reporting agency;

(5) a complete and detailed description of the services to be performed by the credit services organization and the total cost to the buyer for such services;

(6) a statement asserting the buyer’s right to proceed against the surety bond or trust account required under section sixty-eight B; and

(7) the name and business address of any such surety company and of the depository of the trust account, together with the name of the trustee and the number of the account.