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Fact #13 The lawEnforcement

$2.7 billionconsumer redress judgment in a 2023 credit repair settlement with the CFPB

A 2023 CFPB settlement with the two largest US credit repair brands imposed a $2.7 billion redress judgment over illegal advance fees charged to roughly 4 million telemarketed customers.

A federal court ruled in March 2023 that the companies collected fees before completing promised services. They had filed for Chapter 11, and the settlement also carried a ten-year ban on telemarketing credit repair services.

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Source: Consumer Financial Protection Bureau. Read more: credit repair scam · case file

Sources

  1. CFPB Reaches Multibillion Dollar Settlement with Credit Repair Conglomerate. Consumer Financial Protection Bureau. Accessed 2026-09-09. Supports: The company and brand names, the $388 million combined revenue, the 4 million telemarketed customers, the March 2023 ruling, the bankruptcy filing, the $2.7 billion judgment, the civil penalties, the ten-year ban, and the Chopra quote.