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Rep. Sarah McBride proposes escrow protections to curb credit-repair scams
Summary
Representative Sarah McBride urged the House Financial Services Committee to advance bipartisan legislation (H.R. 306) that would close a loophole in federal law allowing some credit-repair organizations to collect upfront fees and to limit abusive tactics that overwhelm financial institutions.
Representative Sarah McBride told the committee she is sponsoring bipartisan legislation, H.R. 306, the Ending Scam Credit Repair Act (ESCROW), to crack down on abusive credit-repair organizations (CROs) and to modernize consumer protections.
McBride said CROs use digital communications and marketing to evade existing safeguards originally written for telemarketing-era interactions. “Shiny promises and toll free numbers offering miraculous…
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