AFSA Calls on Congress to Rein in Credit Repair Scams
AFSA signed onto a joint trade letter urging the House Financial Services Committee to introduce legislation aimed at curbing the threat credit repair scams pose to consumers and credit markets.
As several state and federal regulators have warned, credit repair organizations take advantage of consumers trying to improve their financial situation by inundating financial services providers with meritless and duplicative claims of false in a credit report is inaccurate. Unfortunately, these activities “jam” the credit reporting system with illegitimate claims that divert resources from authentic consumer disputes, which cost Americans money for no actual value.
The joint trades letter asks the Financial Services Committee Chairman Patrick McHenry (R-NC) and Ranking Member Maxine Waters (D-CA) to modernize the Credit Repair Organizations Act and rein in credit repair scams that lure consumers with the promise of a quick fix.
Also signing the letter: American Bankers Association, ACA International, Consumer Bankers Association, Consumer Data Industry Association, Credit Union National Association, National Association of Federally-Insured Credit Unions, National Bankers Association, and the U.S. Chamber of Commerce.
April 14th, 2023
