If you want to start your profitable credit repair business in [STATE], you need to understand [STATE] state credit repair laws, bond requirements, licensing, and statute of limitations. Read this book to understand the basics of credit repair and then scroll down below for important details on [STATE] state credit repair laws and regulations.
$0 - A bond is not required in this state
There are federal and state laws for Georgia. You should be aware of both.
The Credit Repair Organizations Act (CROA) is a federal law passed in September 1996 that regulates organizations whose purpose is increasing consumer’s credit score through credit repair. One of the most important things the CROA did is make it illegal for credit repair organizations to make false claims. Don’t worry though, staying compliant is pretty easy after you get familiar with the law! This law is moderated and enforced by the Federal Trade Commission (FTC), so the FTC has the authority to close down any credit repair organizations that are operating outside the parameters of these laws (like fraudulent or illegal activities).
The main sections include mandates that:
Simply put, these laws were put in place to protect people from credit repair companies using scammy business practices. As long as you’re not trying to be sketchy and scam people, you should be able to stay compliant easily!
To read the Credit Repair Organizations Act in full, visit the United States House of Representatives’ record of the act here.
Georgia has laws that govern how to start (and run!) a credit repair business in Georgia. Here are the relevant regulations and Georgia laws governing credit repair businesses that you need to be aware of:
Title 16. Crimes and Offenses
Chapter 9. Forgery and Fraudulent Practices
Article 4. Fraud and Related Offenses
§ 16-9-59. Operating credit repair services organization
(a) As used in this Code section, the term:
(1) "Buyer" means any individual who is solicited to purchase or who purchases the services of a credit repair services organization.
(2)(A) "Credit repair services organization" means any person who, with respect to the extension of credit to a buyer by others, sells, provides, or performs, or represents that he can or will sell, provide, or perform, in return for the payment of money or other valuable consideration any of the following services:
(i) Improving a buyer's credit record, history, or rating;
(ii) Obtaining an extension of credit for a buyer;
(iii) Providing advice or assistance to a buyer with regard to either division (i) or (ii) of this subparagraph.
(B) "Credit repair services organization" does not include:
(i) Any person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States ;
(ii) Any bank or savings and loan institution whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation;
(iii) Any nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986;
(iv) Any person licensed as a real estate broker by this state if the person is acting within the course and scope of that license;
(v) Any person licensed to practice law in this state if the person renders services within the course and scope of his or her practice as an attorney;
(vi) Any broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker-dealer is acting within the course and scope of those regulatory agencies; or
(vii) Any consumer reporting agency as defined in the federal Fair Credit Reporting Act (15 U.S.C. 1681-1681t).
(3) "Extension of credit" means the right to defer payment of
(b) A person commits the offense of operating a credit repair services organization when he or she owns, operates, or is affiliated with a credit repair services organization.
(c) Any person who commits the offense of operating a credit repair services organization shall be guilty of a misdemeanor.
Laws 1987, p. 1413, § 1; Laws 1988, p. 13, § 16.
I identified only one case construing the act. The annotations contained the following note:
There is no irreconcilable conflict between the provisions of the credit repair law set forth
For additional information about starting a credit repair company in [STATE] contact your state or an attorney.
A BOND IS NOT REQUIRED IN STATE.
Georgia credit repair businesses must be knowledgeable about the statute of limitation governing debt in Georgia because this will guide your business decisions and enable you to best help your clients. The statue of limitations essentially limits the time that a creditor can legally
To learn more about the statute of limitation laws for your state, click here.
We’re not aware of a state requirement for a “credit repair license” to operate a credit repair business in Georgia. However, many find getting training and a certification useful because it:
The American Credit Repair Academy http://try.creditrepaircloud.com/academy/; offers training, resources, and credit repair certification
Use software to automate the tasks of a credit repair business in Georgia:
All of this is available with Credit Repair Cloud
Short answer: No, it is perfectly legal to profit from credit repair in Georgia. However, Georgia handles credit repair very differently than all other states. Only certain types of professionals; Non-profits and attorneys are allowed to help clients with their credit. The state of Georgia also has very specific laws regulating credit repair services that a company is allowed to offer. In keeping with
You can reach out to Derrick Harper, Sr. of Point Boosters Credit Repair for some tips on starting your Georgia credit repair business (although we still recommend you consult with an attorney before making your business official).
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Legal disclaimer: Our software products and resources offer credit information, not legal advice. We make every effort to ensure the accuracy of the information and to clearly explain your options. However, we do not provide legal advice (i.e.; the application of the law to your individual circumstances). For legal advice, please consult an attorney, your city or your state.