The Consumer Financial Protection Bureau (CFPB) settled with some of the largest credit repair companies on Monday, including Lexington Law and CreditRepair.com. This action is the latest example of the CFPB cracking down on the credit repair industry. Credit repair companies’ settlement The settlement found that the companies charged customers illegal “advance” fees, violating federal laws related to telemarketing. If the settlement is approved, the companies face a $2.7 billion judgment and a ten-year ban on telemarketing credit repair services. The settlement comes just as U.S. consumers grapple with record levels of credit card debt. Subscribe to Kiplinger’s Personal Finance Be
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