What is one key requirement for a contract under the Credit Repair Organizations Act?

A key requirement for a contract under the Credit Repair Organizations Act is that it must include a detailed description of services offered. This is crucial because it ensures transparency for the consumer regarding what services they are paying for and what to expect in return. A detailed description helps protect consumers from misleading practices and ensures that they are fully informed about the nature and extent of the credit repair services to be performed.

By having a clear outline of the services, clients can better assess whether these offerings align with their needs and make informed decisions. Additionally, this requirement provides a framework to hold the credit repair organization accountable in fulfilling its obligations. Without a detailed description, there could be confusion about what services are being provided, leading to potential disputes and client dissatisfaction.

The other answer choices do not meet the requirements set out by the Act. For instance, a verbal agreement lacks the enforceability and clarity that a written contract provides. Allowing modification by either party at any time would create instability and uncertainty in the agreement, undermining the protection the Act seeks to provide. Lastly, not specifying a performance timeline could lead to indefinite delays in service delivery, which is contrary to the consumer's right to timely results.