15 U.S.C. § 1679 — Findings and purposes
submitted 30 years ago by Pub. L. 90-321 to r/title-15-COMMERCE-AND-TRADE · 150 words · no verdicts yet
This section states Congress’s findings about consumers’ need for credit and the harm caused by some credit-repair practices. It sets the purposes of informing buyers and protecting the public from unfair or deceptive practices.
(a) Congress finds that consumers have an important interest in establishing and maintaining creditworthiness and credit* standing to obtain and use credit. Consumers with credit problems may therefore seek help from credit-repair organizations. Congress also finds that some credit-repair advertising and business practices have caused financial hardship, especially for people with limited money and little experience with credit.
(b) The purposes are (1) to give prospective buyers enough information to make informed decisions about buying credit-repair services and (2) to protect the public from unfair or deceptive credit-repair advertising and business practices.
The Congress makes the following findings:
Consumers have a vital interest in establishing and maintaining their credit* worthiness and credit standing in order to obtain and use credit. As a result, consumers who have experienced credit problems may seek assistance from credit repair organizations which offer to improve the credit standing of such consumers.
Certain advertising and business practices of some companies engaged in the business of credit repair services have worked a financial hardship upon consumers, particularly those of limited economic means and who are inexperienced in credit matters.
The purposes of this subchapter are—
to ensure that prospective buyers of the services of credit repair organizations are provided with the information necessary to make an informed decision regarding the purchase of such services; and
to protect the public from unfair or deceptive advertising and business practices by credit repair organizations.
Source credit: (Pub. L. 90–321, title IV, § 402, as added Pub. L. 104–208, div. A, title II, § 2451, Sept. 30, 1996, 110 Stat. 3009–455.)
- 1996Enacted · Pub. L. 90-321 · 110 Stat. 3009
A history note hasn’t been published yet. The record shows enactment by Pub. L. 90-321 on 1996-09-30.
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