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Consumer Law News
FTC Bans Bogus Operator from Credit Repair Business
An operator who charged consumers for services he did not deliver and misrepresented customers’ credit worthiness to the credit reporting agencies has been banned for life from operating a credit repair business. Settlement of the charges also bars further violation of the Federal Trade Commission Act and the Credit Repair Organizations Act (CROA), and requires the defendant to pay $100,000 in civil penalties.
In 1999, Florida Attorney Jack Schrold settled charges that he violated the FTC Act and CROA by making deceptive claims about improving consumers’ credit reports and requiring advance payment for credit repair services. The court order settling these accusations prohibited Schrold from saying he could improve substantially consumers’ credit reports by removing accurate, but negative, information that was verifiable and not obsolete, making false claims about the services he sold, charging consumers before credit repair services were finished, and violating CROA.
In 2004, at the FTC’s request, the Department of Justice initiated civil contempt proceedings against Schrold, alleging that he was violating the 1999 order. Schrold agreed to settle the contempt allegations, and as a result of that settlement the court has entered a modified order against him.
The court order announced today requires Schrold to pay $100,000 in civil penalties and permanently bars him from:
advertising, marketing, or selling any credit repair service, or assisting others to do so; violating the FTC Act by representing directly or by implication that he is able to improve substantially consumers’ credit reports by removing negative information from them where such information is accurate, verifiable, and not obsolete; and violating CROA. The modified order also contains standard recordkeeping provisions designed to assist the FTC in monitoring Schrold’s compliance.
Definition:
Intentional deception resulting in injury to another.
Billing Error
Definition:
Any mistake in your monthly statement as defined by the Fair Credit Billing Act.
Closed-End Lease
Definition:
A lease in which you are not responsible for the difference if the actual value of the item at the scheduled end of the lease is less than the residual value, but you may be responsible for excess wear-and-use charges and for other lease requirements.
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