The Tennessee Consumer Protection Act § 47-18-1001 requires Credit Services Businesses, also known as Credit Repair Companies, to register with the Tennessee Division of Consumer Affairs and to obtain a $100,000 Surety Bond. This bond is for the consumer's protection against fraudulent business practices. These companies are also required to allow consumers five (5) business days to cancel a contract for service.
NOTE: CREDIT SERVICES BUSINESSES MUST REGISTER A BOND WITH THE DIVISION OF CONSUMER AFFAIRS.
Click here to view companies that have complied with this law.
The following documents are designed to help consumers learn more about credit service businesses, credit repair, and debt management plans:
For more information regarding credit related issues, please visit www.ftc.gov/credit.
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