CREDIT REPAIR LAWS IN GEORGIA

Many Georgians are having a hard time recovering from a poor credit score. This is when they seek the best credit repair companies in Georgia to help restore their credit. The Georgia credit repair laws protect these people from unfair and deceptive practices done by some credit repair businesses. 

If you are planning to start a credit repair business in Georgia, the state has a great opportunity for you. According to a survey, 38% out of 10,936,299 Georgians are hindered by a poor credit score from getting a house. This is why many of them have the same question in mind “how to fix my credit?”. 

Georgia has an average credit score of 689. Most of the residents’ debts are from mortgage, credit card, student, and auto loans. The state’s average mortgage debt is $29,350. Credit card debt is $5,693. Student loan debt is $7,250. And Auto loan debt is $5,480. Many Georgians need a credit repair specialist to help improve their credit score. If you want to start a credit repair in Georgia, here’s all you need to know.

Georgia Average Credit

Credit Repair Laws and Regulations in Georgia

Georgia Credit Repair Laws Limitations that Regulate Credit Repair Businesses in Georgia

  1. GEORGIA CREDIT REPAIR LAWSAll credit repair in Georgia is prohibited to make false claims about the services being offered.
  2. Businesses who offer to fix credit are NOT allowed to charge or receive any payment before the completeness of the services to be performed.
  3. No person or any company is allowed to perform any credit repair services without a written contract. With date and consumer’s signature. 
  4. Credit repair companies in Georgia shall allow the consumer to cancel the agreement 3-days after the contract has been signed. 
  5. Removing negative but accurate information from the consumer’s credit report is strictly against the Georgia credit repair laws.
  6. Making a new identity of a consumer is an illegal practice.
  7. Credit repair service providers shall not advise the consumer to ignore IRS, collection letters, or any other legal documents. 

 

What should the contract includes under Georgia Credit Repair Laws

Before conducting any services, the credit repair company and the consumer must have a written contract with the following details:

  1. The company’s name and business address. 
  2. The total cost of the service to be performed.
  3. Complete and detailed descriptions of the credit repair services to be performed.
  4. The estimated time the services will be completed.
  5. Any guarantees that the credit repair company offers.

 

Statute of Limitations on Debt in Georgia

The state has a different statute of limitations on different types of debt.

The mortgage debt statute of limitations in Georgia is 6 years

The credit card debt statute of limitations in Georgia is 4 years

The auto loan debt statute of limitations in Georgia is 4 years

The medical debt statute of limitations in Georgia is 4 years

The state tax debt statute of limitations in Georgia is 4 years.

For other forms of debts, the state provides 6 years statute of limitations for written debt. 4 years for oral debt. Then, 5 years for judgment debt. 

Want to Start a Credit Repair Business in Georgia? Here are what you Need:

How to start a credit repair in Georgia?

  1. Obtain a surety bond.

    The state-mandated surety bond in Georgia is $25,000. You can get this from a surety company in the state. 

  2. Register your credit repair business in Georgia.

    Like any other business, it is required to register your company before conducting any services.

  3. Get the right credit repair software for business. 

    There are a lot of credit repair programs you can find out there. But not all of them are created equal. We suggest investing in a powerful software that has all the tools you need to run the business with ease. This lets you save time and money from managing and buying multiple computer programs. Visit Credit Money Machine to learn more.