Creditaccuracy.Com
- 1090 Vermont Ave NW Ste 200
- Washington, District Of Columbia
- 20005-4905
- Phone: (202) 371-0910
- Website
Website Links
Description
Lenders in California may charge reasonable fees for providing credit repair services, and they don't have to wait for a loan to close.
All I can figure is this: They have a lot of file inaccuracy (which makes their cost high because they have to provide service to correct the files). But, they lost the argument. Free credit reports are the law.
Subject: Re: 7 steps to fixing your credit report Date: Mon, 24 Sep 2001 22:41:49 -0700 From: Christine Baker (admin@bayhouse.com) To: Greg Fisher (gfisher@erinet.com) "If the lender is performing the services outside the preparation of a loan, then the lender is acting as a credit services organization and is subject to the rules of the Credit Services Act in the California Civil Code.
It is unfortunate for the consumer that credit services organizations have to exist. But, laws that would prohibit their existence-- or not exempting lenders from the requirements placed upon CSOs-- would be even more unfortunate. Lenders in California may charge reasonable fees for providing credit repair services, and they don't have to wait for a loan to close.
Lenders in California may charge reasonable fees for providing credit repair services, and it is not required that a loan close for them to collect a fee. The costs the organization incurs for any type of service to correct a consumer's file are costs of operation-- the same as the cost of postage, telephone service, electricity, office space and complimentary coffee. As long as the fee to the consumer is reasonable, the organization may charge it and pay for its costs from the fee.