Dear NACSO Membership,
In 2016 the credit reporting giants Equifax, TransUnion and Experian are pushing for exemptions from the Credit Repair Organizations Act or CROA, They intend on offering credit services without the constraints legitimate Credit Repair Organizations are bound by. If this were to happen, it may become very difficult for us to compete in this space.
This past week the Consumer Sentinel Report on consumer complaints in 2015 was released. The report compiles all complaints filed via the FTC, CFPB, BBB and all State agencies. In the past. credit repair has been lumped together with Pay Day Loans and other high complaint rate credit service. This generalization has previously landed us in the top 10 categories of all complaints.
Well this year, NACSO is pleased to announce that not only was credit repair not listed as a top 10 complaint category, credit repair complaints are at an all time low! With only 1751 complaints filed with every tracked agency, credit repair accounts for only .06% of consumer complaints filed in all of 2015!! Below is a snapshot directly from the Sentinel Report.
As NACSO members, we applaud your efforts and need your help leveraging these statistics at our upcoming NACSO DC Regulatory Summit April 13-15!. Your attendance and participation may make the difference for all of us. Please email info@nacso.org for more information.
From all of here at NACSO, we appreciate your support and look forward to continuing the endeavor of improving the industry and providing a fair environment in which we can operate.