Must be licensed by the Texas Secretary of State. To obtain a credit repair company license, an applicant must file an application with the Secretary of State, along with a $100 application fee. The applicant must also provide proof of a surety bond in the amount of $10,000, issued by a surety company authorized to do business in Texas.
In addition to being licensed, credit repair companies in Texas must also comply with state and federal laws regulating credit repair services. This includes the Credit Repair Organizations Act (CROA), which requires credit repair companies to provide certain disclosures to consumers, such as a written contract explaining the services to be provided and the terms of payment. The CROA also prohibits credit repair companies from making false or misleading statements, charging upfront fees, and engaging in other deceptive practices.
If you are considering using the services of a credit repair company in Texas, it's a good idea to do some research and ensure that the company is licensed and follows the relevant laws and regulations. You can check the license status of a credit repair company by contacting the Texas Secretary of State or by visiting their website.