WASHINGTON, March 20 -- Sen. Chris Coons issued the following press release:
U.S. Senators Chris Coons (D-Del.) and Lisa Murkowski (R-Alaska) introduced the Ending Scam Credit Repair Act (ESCRA) yesterday to crack down on fraudulent credit repair organizations that exploit consumers with high fees, false promises, and deceptive practices.
Credit repair organizations (CROs) often claim they can improve a consumer's credit score by disputing negative information on credit reports or negotiating with creditors. While some legitimate counselors help consumers navigate credit issues, too many bad actors charge upfront fees, promise results they cannot deliver, and take advantage of people already facing financial hardship.
The Ending Scam Cre...