Credit Service Organizations

Credit Service Organizations are licensed under standards set by sections §§407.635-407.644. These businesses, commonly referred to as "credit repair companies," offer to clean up and improve their prospective clients' credit reports. The law applies to anyone who, for a consideration, offers to improve someone's credit report. There are numerous exceptions to the licensing rules: most lenders, lawyers, broker-dealers registered with the SEC, CPAs, and not-for-profit organizations per 501(c)(3). Among the consumer protections of the law are a three-day opportunity to rescind and limitations on collecting fees before the work is completed. Further, the statute requires numerous informative disclosures in the contract.

PLEASE NOTE: The licensing fee for applications and renewals has increased to $400.

• Licensing application packet
• Laws & Regulations
• Federal Credit Repair Organizations Act
• Renewal information