Credit Repair Services in Oregon
Legitimate credit repair services were designed to offer assistance in preparing a budget, disputing inaccurate information and educating consumers about best practices for managing their credit. However, many services run scams that could cause you to become worse off than if you had never tried to repair your credit. Common scams include asking for large upfront payments, flooding your creditors with disputes to generate a temporary benefit to your credit score and doing services for fees that you could easily handle yourself in a few minutes on the Internet. Federal and state laws regulate debt management, credit repair and credit education services. Federal law establishes minimum regulations, and ever-evolving state laws can be stricter.
Oregon Debt Management Laws
Credit repair and debt management companies are required by Oregon law to register with the state under ORS 697.612. Legitimate debt management companies can help you repair your credit, correct false information on credit reports and manage debts more effectively with budget analysis and counseling, but most people can do these things themselves. The following practices are prohibited by Oregon law:
Issuing misleading statements and providing clients with false information
Providing legal, accounting, debt management or bankruptcy advice unless authorized by the state of Oregon to do so
Charging consumers to refer them to other companies who may or may not grant them credit for consolidation loans
Performing services that don 't comply with ORS 697.652, which includes offering budget management analysis
Offering services and arrangements that debtors can 't afford or be reasonably expected to...
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...r compliance with Oregon financial regulations and credit repair laws. It 's important that you don 't get misled by claims of settling for pennies on the dollar, guarantees of positive results and approaches that don 't comply with Oregon law. Beware of companies that promise to cancel your debts--even if they claim to be nonprofit--or organizations that claim to employ out-of-state attorneys who are exempt from Oregon law.
 Oregonlaws.org: ORS 697.662 - Prohibited practices
 Dfr.oregon.gov: Managing your debt
 Justice.gov: Credit Counseling & Debtor Education Information
 Dfr.oregon.gov: Managing your debt
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