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Missouri Division of Finance     
301 W. High Street
Room 630,
P.O. Box 716
Jefferson City, MO  65102
Phone: 573 751-3242
Fax: 573 751-9192
E-Mail: finance@dof.mo.gov

Credit Service Organizations (Chapter 407 RSMo)

Credit Service Organizations are licensed under standards set by sections 407.635-407.644. These businesses offer to clean up and even to improve their prospective clients' credit reports and so are commonly referred to a "credit repair companies." The law applies to anyone who, for a consideration, offers to improve a someone's credit report. There are numerous exceptions to the licensing rules: most lenders, lawyers, broker-dealers registered with the SEC, CPAs, and not-for-profit organizations per 501(c)(3). Among the consumer protections of the law are a three-day opportunity to rescind and limitations on collecting fees before the work is completed. Further, the statute requires numerous informative disclosures in the contract.