Fraud Blocker Credit Repair Laws in Oklahoma & Credit Repair Business Potential
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Credit Repair Laws in Oklahoma

by | Sep 22, 2023

Are you planning to start a credit repair business in Oklahoma? Let’s talk about Oklahoma’s credit laws and the potential for a profitable credit repair business.

Oklahoma Brief Overview

Located in the South Central region of the US, Oklahoma has a population of 4.05 million. It ranks 28th as the most populous state in the country and has a poverty rate of 16%. The state’s economy is characterized by an increasingly diversified industrial base, high media and technology investment concentrations, and the emergence of small, innovative, technology-based firms.

Oklahoma’s Credit Health

Oklahoma’s average credit score is 693 as of 2023, similar to its neighboring state, Texas. This score is slightly higher than in other South Central States. Alabama has a 691 average credit score. Mississippi has 680. And Louisiana has 689.

When it comes to types of debt, Oklahoma has one of the states with the lowest mortgage debts in the country. Only $61,529. This is much lower than California, Washington, and Hawaii, which all have more than $145,800 average mortgage debt. This is according to a state debt study in 2022.

On the other hand, Oklahoma is one of the states with the highest non-mortgage debts. The average credit card debt of the state is $5,654. Its average auto loan debt is $22,130. While its average student loan debt is $31,525.

Oklahoma's Average Credit

In summary, Oklahoma has a large population and people who rely on credit for their essential needs. Such as to purchase a house, car, and maybe groceries with their credit cards. The state also has a high number of residents with student loans.

With this information, the state has good opportunities for a credit repair business.

Let’s proceed to credit repair laws to protect your business against legal issues.

The Prohibited Acts Under Credit Repair Laws in Oklahoma

Like other states, credit repair services in Oklahoma must adhere to the federal Credit Repair Organizations Act (CROA) and the state’s credit repair laws. Under the CROA, credit repair services are prohibited from:

  • Making false or misleading statements
  • Charging fees before services are rendered
  • Promising credit repair services that are difficult or impossible to fulfill.
  • Providing false or misleading information to credit reporting agencies or creditors.
  • Operate with no license and registration.

In addition, credit repair services in Oklahoma may not target people who do not have a credit score, have a credit score that is below 500, or have a delinquent debt.

Surety Bond Requirement for Credit Repair Business in Oklahoma

To operate a credit repair business in Oklahoma, you must obtain a surety bond of $30,000 and mention it in all contracts. The surety bond ensures that the credit repair services can fulfill their promises and that any losses incurred by the consumers will be returned to them.

Contracts Under Oklahoma Credit Laws

Moreover, all contracts must be in writing and provide the consumer with a detailed description of all services rendered. Contracts must also have an attached copy of the Notice of Cancellation. With a statement that the consumer can cancel within 3 days from the signed date.

**Disclaimer: While we strive to provide accurate information on Oklahoma’s credit repair laws, please note that government laws are subject to change. Therefore, we recommend researching for further information or consulting a lawyer about credit repair services law.**

Frequently Asked Questions About Credit Repair Laws in Oklahoma

Q: Is a credit repair business in Oklahoma?

A: Yes. Yes, operating a credit repair business in Oklahoma is legally allowed. However, it’s important to be aware of and comply with the specific regulations and laws governing credit repair services in the state to ensure lawful operation.

Q: Are credit repair services regulated in Oklahoma?

A: Yes, credit repair services are regulated in Oklahoma.

Q: What is the surety bond in Oklahoma?

They must obtain a surety bond of $30,000 and disclose this number on all contracts.


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If you are just starting a credit repair business, we have a comprehensive guide on how to start a credit repair business.

Read Credit Repair Laws in All States or navigate the map to read credit repair laws in other states.