Credit repair organizations in Michigan are governed by the Credit Repair Organizations Act (CROA) , a federal law.
Credit repair services are prohibited from making misleading claims to credit agencies, creditors, lenders, or consumers concerning a consumer’s credit score or creditworthiness.
Detroit credit repair services are prohibited from altering a consumer’s identification (or instructing them to do so) to conceal bad information and/or establish a new credit identity.
Companies in the credit repair sector are prohibited from making false or misleading statements about the services they provide or from promising to achieve a specific credit score on a client’s behalf.
Credit repair companies are not allowed to demand fees before providing services to their clients.
These must be followed, but the inability to charge before services are delivered is fundamental when considering launching a credit repair company. This must be considered when establishing a business strategy for a Detroit credit restoration company in terms of cash flow.
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Source: on 2021-08-29 04:26:15
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