Minnesota Credit Repair Laws

Consumers in Minnesota wanting to use a credit repair firm to repair their bad credit need to know that Minnesota credit repair laws (Minn. Stat. Ann. §§ 332.52 to 332.60) give some protection above federal laws.

The following bad credit repair laws apply to the state of Minnesota

Credit repair service may not charge or collect a fee for referring consumer to a retail seller who will or may extend credit that is on substantially the same terms as those available to the general public.

Credit repair service must disclose the name and address of any person who directly or indirectly owns or controls a 10% or greater interest in the credit services organization; any litigation or unresolved complaint filed within the preceding 5 years with the state, any other state or the U.S., or a notarized statement that there has been no such litigation or complaint; and the percentage of customers during the past year for whom the credit services organization fully and completely performed the services it agreed to provide.

You may cancel contract within 5 days of signing and any payment must be returned within 10 days of receipt of cancellation notice.

Minnesota Bad Credit Resources

• Second Chance Checking Accounts in Minnesota
• Bad Credit Checking Accounts