§1679a. Definitions — Inbound Citations
15 U.S.C. § 1679a
Cited by 63 provisions in release 119-102.
Citations to §1679a(1)
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(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.
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(1) make any statement, or counsel or advise any consumer to make any statement, which is untrue or misleading (or which, upon the exercise of reasonable care, should be known by the credit repair organization, officer, employee, agent, or other person to be untrue or misleading) with respect to any consumer’s credit worthiness, credit standing, or credit capacity to—(A) any consumer reporting agency (as defined in section 1681a(f) of this title); or(B) any person—
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(2) make any statement, or counsel or advise any consumer to make any statement, the intended effect of which is to alter the consumer’s identification to prevent the display of the consumer’s credit record, history, or rating for the purpose of concealing adverse information that is accurate and not obsolete to—(A) any consumer reporting agency;(B) any person—
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(b) No credit repair organization may charge or receive any money or other valuable consideration for the performance of any service which the credit repair organization has agreed to perform for any consumer before such service is fully performed.
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(a) Disclosure required
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(a) No services may be provided by any credit repair organization for any consumer—(1) unless a written and dated contract (for the purchase of such services) which meets the requirements of subsection (b) has been signed by the consumer; or(2) before the end of the 3-business-day period beginning on the date the contract is signed.
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(1) unless a written and dated contract (for the purchase of such services) which meets the requirements of subsection (b) has been signed by the consumer; or
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(1) the terms and conditions of payment, including the total amount of all payments to be made by the consumer to the credit repair organization or to any other person;
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(2) a full and detailed description of the services to be performed by the credit repair organization for the consumer, including—(A) all guarantees of performance; and(B) an estimate of—(i) the date by which the performance of the services (to be performed by the credit repair organization or any other person) will be complete; or(ii) the length of the period necessary to perform such services;
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(4) a conspicuous statement in bold face type, in immediate proximity to the space reserved for the consumer’s signature on the contract, which reads as follows: “You may cancel this contract without penalty or obligation at any time before midnight of the 3rd business day after the date on which you signed the contract. See the attached notice of cancellation form for an explanation of this right.”.
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(a) Any consumer may cancel any contract with any credit repair organization without penalty or obligation by notifying the credit repair organization of the consumer’s intention to do so at any time before midnight of the 3rd business day which begins after the date on which the contract or agreement between the consumer and the credit repair organization is executed or would, but for this subsection, become enforceable against the parties.
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(c) Any consumer who enters into any contract with any credit repair organization shall be given, by the organization—(1) a copy of the completed contract and the disclosure statement required under section 1679c of this title; and(2) a copy of any other document the credit repair organization requires the consumer to sign,at the time the contract or the other document is signed.
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(2) a copy of any other document the credit repair organization requires the consumer to sign,
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(4) in the case of any class action, the number of consumers adversely affected.
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(2) in any case in which any credit repair organization has materially and willfully misrepresented any information which—(A) the credit repair organization is required, by any provision of this subchapter, to disclose to any consumer; and(B) is material to the establishment of the credit repair organization’s liability to the consumer under this subchapter,the end of the 5-year period beginning on the date of the discovery by the consumer of the misrepresentation.
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(A) the credit repair organization is required, by any provision of this subchapter, to disclose to any consumer; and
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(B) is material to the establishment of the credit repair organization’s liability to the consumer under this subchapter,
Citations to §1679a(3)
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(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.
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(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
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(2) to protect the public from unfair or deceptive advertising and business practices by credit repair organizations.
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(1) make any statement, or counsel or advise any consumer to make any statement, which is untrue or misleading (or which, upon the exercise of reasonable care, should be known by the credit repair organization, officer, employee, agent, or other person to be untrue or misleading) with respect to any consumer’s credit worthiness, credit standing, or credit capacity to—(A) any consumer reporting agency (as defined in section 1681a(f) of this title); or(B) any person—
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(3) make or use any untrue or misleading representation of the services of the credit repair organization; or
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(4) engage, directly or indirectly, in any act, practice, or course of business that constitutes or results in the commission of, or an attempt to commit, a fraud or deception on any person in connection with the offer or sale of the services of the credit repair organization.
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(b) No credit repair organization may charge or receive any money or other valuable consideration for the performance of any service which the credit repair organization has agreed to perform for any consumer before such service is fully performed.
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(a) Disclosure required
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(a) No services may be provided by any credit repair organization for any consumer—(1) unless a written and dated contract (for the purchase of such services) which meets the requirements of subsection (b) has been signed by the consumer; or(2) before the end of the 3-business-day period beginning on the date the contract is signed.
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(1) the terms and conditions of payment, including the total amount of all payments to be made by the consumer to the credit repair organization or to any other person;
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(2) a full and detailed description of the services to be performed by the credit repair organization for the consumer, including—(A) all guarantees of performance; and(B) an estimate of—(i) the date by which the performance of the services (to be performed by the credit repair organization or any other person) will be complete; or(ii) the length of the period necessary to perform such services;
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(i) the date by which the performance of the services (to be performed by the credit repair organization or any other person) will be complete; or
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(3) the credit repair organization’s name and principal business address; and
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(a) Any consumer may cancel any contract with any credit repair organization without penalty or obligation by notifying the credit repair organization of the consumer’s intention to do so at any time before midnight of the 3rd business day which begins after the date on which the contract or agreement between the consumer and the credit repair organization is executed or would, but for this subsection, become enforceable against the parties.
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(b) Each contract shall be accompanied by a form, in duplicate, which has the heading “Notice of Cancellation” and contains in bold face type the following statement:“You may cancel this contract, without any penalty or obligation, at any time before midnight of the 3rd day which begins after the date the contract is signed by you.“To cancel this contract, mail or deliver a signed, dated copy of this cancellation notice, or any other written notice to name of [credit repair organization ] at address of [credit repair organization ] before midnight on [ date ]“I hereby cancel this transaction,[ date ][ purchaser’s signature ].”.
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(c) Any consumer who enters into any contract with any credit repair organization shall be given, by the organization—(1) a copy of the completed contract and the disclosure statement required under section 1679c of this title; and(2) a copy of any other document the credit repair organization requires the consumer to sign,at the time the contract or the other document is signed.
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(2) a copy of any other document the credit repair organization requires the consumer to sign,
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(B) any amount paid by the person to the credit repair organization.
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(b) In determining the amount of any liability of any credit repair organization under subsection (a)(2), the court shall consider, among other relevant factors—(1) the frequency and persistence of noncompliance by the credit repair organization;(2) the nature of the noncompliance;(3) the extent to which such noncompliance was intentional; and(4) in the case of any class action, the number of consumers adversely affected.
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(1) the frequency and persistence of noncompliance by the credit repair organization;
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(a) Compliance with the requirements imposed under this subchapter with respect to credit repair organizations shall be enforced under the Federal Trade Commission Act [15 U.S.C. 41 et seq.] by the Federal Trade Commission.
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(1) For the purpose of the exercise by the Federal Trade Commission of the Commission’s functions and powers under the Federal Trade Commission Act [15 U.S.C. 41 et seq.], any violation of any requirement or prohibition imposed under this subchapter with respect to credit repair organizations shall constitute an unfair or deceptive act or practice in commerce in violation of section 5(a) of the Federal Trade Commission Act [15 U.S.C. 45(a)].
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(2) All functions and powers of the Federal Trade Commission under the Federal Trade Commission Act shall be available to the Commission to enforce compliance with this subchapter by any person subject to enforcement by the Federal Trade Commission pursuant to this subsection, including the power to enforce the provisions of this subchapter in the same manner as if the violation had been a violation of any Federal Trade Commission trade regulation rule, without regard to whether the credit repair organization—(A) is engaged in commerce; or(B) meets any other jurisdictional tests in the Federal Trade Commission Act.
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(2) in any case in which any credit repair organization has materially and willfully misrepresented any information which—(A) the credit repair organization is required, by any provision of this subchapter, to disclose to any consumer; and(B) is material to the establishment of the credit repair organization’s liability to the consumer under this subchapter,the end of the 5-year period beginning on the date of the discovery by the consumer of the misrepresentation.
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(A) the credit repair organization is required, by any provision of this subchapter, to disclose to any consumer; and
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(B) is material to the establishment of the credit repair organization’s liability to the consumer under this subchapter,
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(iv) the potential impact on the credit reporting process if credit repair organizations, as defined in section 1679a(3) of this title, including entities that would be a credit repair organization, but for section 1679a(3)(B)(i) of this title, are able to circumvent the prohibition in subparagraph (G).
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(G) This paragraph shall not apply if the notice of the dispute is submitted by, is prepared on behalf of the consumer by, or is submitted on a form supplied to the consumer by, a credit repair organization, as defined in section 1679a(3) of this title, or an entity that would be a credit repair organization, but for section 1679a(3)(B)(i) of this title.
Citations to §1679a(3)(B)(i)
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(iv) the potential impact on the credit reporting process if credit repair organizations, as defined in section 1679a(3) of this title, including entities that would be a credit repair organization, but for section 1679a(3)(B)(i) of this title, are able to circumvent the prohibition in subparagraph (G).
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(G) This paragraph shall not apply if the notice of the dispute is submitted by, is prepared on behalf of the consumer by, or is submitted on a form supplied to the consumer by, a credit repair organization, as defined in section 1679a(3) of this title, or an entity that would be a credit repair organization, but for section 1679a(3)(B)(i) of this title.
Citations to §1679a(4)
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(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.
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(1) make any statement, or counsel or advise any consumer to make any statement, which is untrue or misleading (or which, upon the exercise of reasonable care, should be known by the credit repair organization, officer, employee, agent, or other person to be untrue or misleading) with respect to any consumer’s credit worthiness, credit standing, or credit capacity to—(A) any consumer reporting agency (as defined in section 1681a(f) of this title); or(B) any person—
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(2) make any statement, or counsel or advise any consumer to make any statement, the intended effect of which is to alter the consumer’s identification to prevent the display of the consumer’s credit record, history, or rating for the purpose of concealing adverse information that is accurate and not obsolete to—(A) any consumer reporting agency;(B) any person—
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(a) Disclosure required