15 U.S.C. § 1679: Findings and purposes

Summary

Requires sellers of credit‑repair services to give people clear information so they can decide whether to buy the help, and it stops those sellers from using unfair or deceptive ads or business practices. Congress says people need good credit and often seek help to fix credit problems, and that some credit‑repair companies have caused money trouble—especially for low‑income or inexperienced consumers.

Title 15, §1679

Commerce and Trade, Source: USLM XML via OLRC

(a)Findings

The Congress makes the following findings:

(1)Consumers have a vital interest in establishing and maintaining their credit worthiness and credit standing in order to obtain and use credit. As a result, consumers who have experienced credit problems may seek assistance from credit repair organizations which offer to improve the credit standing of such consumers.

(2)Certain advertising and business practices of some companies engaged in the business of credit repair services have worked a financial hardship upon consumers, particularly those of limited economic means and who are inexperienced in credit matters.

(b)Purposes

The purposes of this subchapter are—

(1)to ensure that prospective buyers of the services of credit repair organizations are provided with the information necessary to make an informed decision regarding the purchase of such services; and

(2)to protect the public from unfair or deceptive advertising and business practices by credit repair organizations.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior title IV of Pub. L. 90–321,

May 29, 1968, 82 Stat. 164, as amended by Pub. L. 91–344,

July 20, 1970, 84 Stat. 440; Pub. L. 92–321,

June 30, 1972, 86 Stat. 382, which was set out as a note under section 1601 of this title, established a bipartisan National Commission on Consumer Finance to study the functioning and structure of the consumer finance industry as well as consumer credit transactions generally. The Commission was to submit a final report by Dec. 31, 1972, and was to cease to exist thereafter.

Statutory Notes and Related Subsidiaries

Effective Date

Pub. L. 90–321, title IV, § 413, as added by Pub. L. 104–208, div. A, title II, § 2451, Sept. 30, 1996, 110 Stat. 3009–462, provided that: “This title [enacting this subchapter] shall apply after the end of the 6-month period beginning on the date of the enactment of the Credit Repair Organizations Act [Sept. 30, 1996], except with respect to contracts entered into by a credit repair organization before the end of such period.”

Short Title

This subchapter known as the “Credit Repair Organizations Act”, see

Short Title

note set out under section 1601 of this title.

§1679 Findings and Purposes

Summary

Title 15, §1679

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

Statutory Notes and Related Subsidiaries

Effective Date

Short Title

Short Title

Citations & Metadata