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.
The state of Maine does not post any documents about
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.
For additional information about starting a credit repair company in [STATE] contact your state or an attorney.
A few states do require a surety bond. (At the time of this writing most states do not require a bond.) If your state does require a bond, you are not required to secure your bond from your same state.
Bonds are a minimal expense (usually under a few hundred dollars) because you order them from a bond service and pay only a small fraction of the bond yourself. A Credit Repair Services Organization Bond protects you. For more information about Credit Repair Services Organization Bonds, contact BondsExpress.
If you get your bond through a bonds service, the amount you pay will generally be 2-3% of the total bond amount (this cost varies depending upon your credit).
Maine credit repair businesses must be knowledgeable about the statute of limitation governing debt in Maine 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
Learn more about the statute of limitation laws for your state
We’re not aware of a state requirement for a “credit repair license” to operate a credit repair business in Maine. 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 Maine:
All of this is available with Credit Repair Cloud
Credit repair is a low-risk investment in entrepreneurship with low overhead and (with Credit Repair Cloud’s business software) requiring little more than your phone and computer to run. The only reason you may need a loan is opening a new location or another business decision that is down the road
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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.