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Credit Repair Cloud, CEO reach $3 million settlement with US CFPB over illegal advance fees

( August 8, 2024, 16:36 GMT | Official Statement) -- MLex Summary: Credit Repair Cloud and CEO Daniel A. Rosen reached a settlement with the US Consumer Financial Protection Bureau for providing substantial assistance or support to credit repair businesses that charge illegal advance fees to consumers, the bureau announced. If approved by a federal judge, the order would impose a $2 million civil penalty against Rosen and a $1 million civil penalty against Credit Repair Cloud. The order would also require the company and Rosen to take steps to ensure credit repair companies using Credit Repair Cloud stop charging consumers illegal advance fees.Statement follows in full. Also see document below. ...

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