Wednesday, August 26, 2009

New Credit Laws

Starting the first of April there are new federal laws passed to curve the credit repair companies from ripping off the consumers.

1. Talking money from consumers before services are fully performed.
2. Must be a written contract with full disclosure.
3. Must list all services such as cost and time it will take.
4. There is a three day cooling off period with a right to cancel. Any contract that does not comply with the law will be void.

So buyers, beware when you are told that a company can erase bad credit. Make a new credit identity for you or clean up your credit history. Good luck and have a nice life.

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