Mississippi Credit Repair Laws

Consumers in Mississippi wanting to use a credit repair firm to repair their bad credit need to know that Mississippi credit repair laws (Mississippi Nonprofit Debt Management Services Act, Miss. Code Ann. §§ 81-22-1 to 81-22-29 ) give some protection above federal laws.

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

Credit repair service may not purchase any debt, lend money or provide credit, operate as a debt collector, or structure a negative amortization agreement for the consumer.

Credit repair services are required to maintain separate account records for each consumer. May not commingle trust accounts with any business operating accounts.

Credit repair services may not charge more than a one-time fee of $75.00 for setting up a debt management plan, $25.00 per month to maintain plan, $15.00 for obtaining an individual credit report, or $25.00 for a joint report. Educational courses and products may be offered for a fee, but consumer must be informed that purchasing them is not mandatory for receiving debt management services.

Mississippi Bad Credit Resources

• Second Chance Checking Accounts in Mississippi
• Bad Credit Checking