CREDIT REPAIR LAWS IN CONNECTICUT
If you are planning to start a credit repair business in Connecticut, the first things you should consider is learning about the credit repair law in Connecticut and investing on reliable credit repair software.
There is approximately 478,789 of Connecticut consumers have credit delinquency. This is 13.5% of the state’s overall population which is 3,546,588. There is about 61.5% of the state’s consumers have credit card debt. 30.5% have auto loan debt. 27.3% with mortgage debt. And 18.2% have student loan debt.
The state of Connecticut is ranked 2nd with the highest credit card debt which is $7,721. Next only to the New Jersey. It is the 13th state with the highest average mortgage debt nationwide. Which is $247,241. Its average auto loan debt is $55,806. And its average student loan debt is $35,162. Clearly, there are many people who need to maintain and improve their credit score. And are searching for credit repair companies to assist them to restore credit score.
The information shown above are proof that many consumers in Connecticut need to maintain and improve their creditworthiness. This gives great business opportunities for credit repair business owners. If you are interested to start providing credit repair services in the state, there are two most important things you need to consider.
1. The Credit Repair Law Connecticut.
Running a business should abide with the state law to avoid illegalities which may result to penalties, business closure, or worse, bankruptcy. Learn about the prohibited acts and contract between the consumer and credit repair business of the state in the next paragraphs.
The prohibited acts under Connecticut Credit Repair Laws
The state of Connecticut does not allow any credit repair business or any credit repair service provider to:
- Make false claims about the services offered.
- Make changes or remove a consumer’s information with regards to credit records, history, rating, and credit worthiness.
- Charge payment prior to the completion of the credit repair services to be performed.
- Perform any services without a written contract dated and signed by the consumer.
What should be included in the contract between a consumer and a credit repair company?
- The company’s name and address.
- The representative’s name and address who will assist to perform the credit repair services.
- Full and detailed description of the services to be performed.
- The duration of time to achieve results
- The total cost of the services to be performed.
- A statement that the contract can be cancelled 3 working days after it was signed.
- A copy of the “Consumer Credit File Rights Under State and Federal Law”
- 2 Attachments of Notice of Cancellation of Contract that the consumer can fill-up in case he/she want to cancel the agreement.
2. Get Reliable Credit Repair Software
When trying to fix credit for many clients, it can be challenging to: (pull data from different credit reporting agencies. (2) Spot mistakes and errors on credit reports. (3) Generate dispute letters. And (4) send dispute letters to creditors and credit bureaus. These processes and more can be easily done using credit repair software.
There is endless credit repair software you can find. But I suggest investing in the best credit repair software for business. Like the Credit Money Machine Premium (CMMW) Software which has all the tools you need to run the business. It is automatic and all-in-one credit repair and credit dispute software that has been in the industry for more than 30 years.