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Credit Repair Companies Fined in Louisiana

Here’s some good news for those of us who use credit repair services—the Federal and State Regulators are looking out for us!  Here’s a story about a fine imposed by the State of Louisiana on some unscrupulous credit repair firms.

Here’s a quote from an article reporting this story:

An Ascension Parish credit repair company must pay $13,500 in civil fines, attorney’s fees and court costs to settle an unfair trade practices suit brought last month by the Louisiana Attorney General’s Office.

Attorney general’s prosecutors had obtained a temporary court order July 2 to stop operations of Next Step Credit of LA LLC and a related corporation because the credit repair company did not have a required $100,000 surety bond filed, state District Court records say.

The office of Attorney General Buddy Caldwell brought suit against the firm July 1 in 23rd Judicial District Court because the business continued to operate after receiving a previous cease and desist order over the bond, Assistant Attorney General Charles Braud Jr. said Tuesday.

The Credit Repair Services Organizations Act put credit repair under Attorney General’s Office oversight in July 2008 and requires surety bonds be filed with the office.

The action was not as a result of complaints by Next Step Credit customers, state and Next Step attorneys said.

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