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OHIO DEPARTMENT OF COMMERCE DIVISION OF CONSUMER FINANCE ISSUES CEASE AND DESIST ORDERS AGAINST CREDIT REPAIR ORGANIZATION

 COLUMBUS, Ohio, Nov. 5 /PRNewswire/ -- Rae Ann Estep, superintendent of the Ohio Department of Commerce's Division of Consumer Finance, announced today that she has issued cease and desist orders to Giving You Credit, a San Diego-based credit repair organization, as well as to agents of the company operating in the Columbus, Ohio, area.
 Estep noted that the orders were the first issued under Chapter 4712 of the Ohio Revised Code, which became effective April 16, 1993. Chapter 4712 was enacted by the legislature in response to complaints from the public and from the credit reporting industry regarding unscrupulous credit repair organizations.
 "We repeatedly advised Giving You Credit of the requirements of Chapter 4712 and requested the company and its agents to apply for registration," Estep said. "The company has not applied for registration and declined an opportunity for an administrative hearing to contest the cease and desist order. We have no choice but to order them to stop their illegal credit repair activities in Ohio."
 Chapter 4712 requires persons offering to remove adverse information from credit, or to obtain extensions of credit regardless of credit history, to be registered with the Division of Consumer Finance. The law exempts certain non-profit consumer credit counseling agencies and financial institutions from registration.
 To date, the division has not issued a Certificate of Registration pursuant to chapter 4712. "Consumers who have seen advertisements in periodicals, on bulletin boards or on telephone poles would be well advised to question the persons operating these services very carefully before sending any money and to insist on proof that they are registered with the Ohio Department of Commerce," Estep warned.
 The superintendent also stated that the Department of Commerce is aware of several other unlicensed credit repair organizations throughout Ohio and that further cease and desist orders will likely occur before the end of the year.
 Consumers who have any questions or complaints regarding credit repair organizations can contact the Division of Consumer Finance at 614- 466-2221.
 -0- 11/5/93
 /CONTACT: James Biddle or Dennis Ginty of the Ohio Department of Commerce, 614-466-3636/


CO: Ohio Department of Commerce ST: Ohio IN: SU:

AR -- CL005 -- 1162 11/05/93 10:33 EST
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Publication:PR Newswire
Date:Nov 5, 1993
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