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
The state of New Mexico does not post any documents about the operation of Credit Repair organizations. It is likely that they
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 BOND IS NOT REQUIRED IN STATE.
New Mexico credit repair businesses must be knowledgeable about the statute of limitation governing debt in New Mexico 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 New Mexico. 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 New Mexico:
All of this is available with Credit Repair Cloud
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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.