Victory State Bank Reminds You of Your Credit Rights


Victory State Bank Reminds You of Your Credit Rights



STATEN ISLAND, N.Y. --Victory State Bank would like to remind you that the Credit Repair Organization Act (CROA) makes it illegal for credit repair companies to lie about what they can do for you, and to charge you before they've performed their services.

  • This law, which is enforced by the Federal Trade Commission, requires credit repair companies to explain:
    • Your legal rights in a written contract that also details the services they'll perform
    • Your three day right to cancel without any charge
    • How long it will take to get results
    • The total cost you will pay
    • Any guarantees
  • What if a credit repair company you hired doesn't live up to its promises? You have some options.
    • You can sue them in federal court for your actual losses or for what you paid them, whichever is more.
    • You can seek punitive damages — money to punish the company for violating the law.
    • You can join other people in a class action lawsuit against the company, and if you win, the company has to pay your attorney's fees.


About Victory State Bank:

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online

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