Current as of: February 2010 For purposes of this subchapter, the following definitions apply:
(1) Consumer
The term "consumer" means an individual.
(2) Consumer credit transaction
The term "consumer credit transaction" means any transaction in
which credit is offered or extended to an individual for
personal, family, or household purposes.
(3) Credit repair organization
The term "credit repair organization" -
(A) means any person who uses any instrumentality of
interstate commerce or the mails to sell, provide, or perform
(or represent that such person can or will sell, provide, or
perform) any service, in return for the payment of money or
other valuable consideration, for the express or implied
purpose of -
(i) improving any consumer's credit record, credit history,
or credit rating; or
(ii) providing advice or assistance to any consumer with
regard to any activity or service described in clause (i);
and
(B) does not include -
(i) any nonprofit organization which is exempt from
taxation under section 501(c)(3) of title 26;
(ii) any creditor (as defined in section 1602 of this
title), with respect to any consumer, to the extent the
creditor is assisting the consumer to restructure any debt
owed by the consumer to the creditor; or
(iii) any depository institution (as that term is defined
in section 1813 of title 12) or any Federal or State credit
union (as those terms are defined in section 1752 of title
12), or any affiliate or subsidiary of such a depository
institution or credit union.
(4) Credit
The term "credit" has the meaning given to such term in section
1602(e) of this title.Legislative History ________________________________________________________________________
Questions & Answers: Credit Report AccuracyU.S. Code Provisions: Credit Report AccuracyState Laws: Credit Report Accuracy
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