An amazing reader CWindy, sent in a new debt relief mailer through my I Buy Junk Mail program.
This mailer is from Americor Funding. I just wrote a quick piece about them, here.
CWindy said, “I called this one to see what would happen. They are selling debt settlement with a supposed “line of credit” that would open after 30 days on your credit report of a set amount depending on the amount approved by underwriters. The contract they want you to sign is for debt settlement and when pressed they give no paperwork on this line of credit.”
CWindy also said, “They also said it was a 0% interest loan for 15 months. However the paperwork was for debt settlement and the first thing they wanted me to do was stop paying my bills and start paying them in a RAM account. I could never get in writing any details on this line of credit. It would all be explained to me in a welcome packet to arrive a week after I sign their paper and of course give them direct withdrawal authorization for the amount they were putting in my account.
Also I was contacted by Americor Funding then Americor Financial Services and also Americor Cash. I find it interesting that they need three names.”
The outside of the mailer CWindy received looks like an official mailer from a government agency. It says 2017 Disbursement Center and lists address 16192 Coastal Highway, Lewes, DE 19958. That address appears to be for Harvard Business Services, an incorporation company. – Source
The language on the back of the mailer is a bit confusing to me. It seems to say this if for a personal line of credit and that Americor is not a lender. It also says “credit reports, income verification and contacting your employer” are thing they may share in “PAID accordance.” Sounds a bit like lead selling.
It’s interesting to me how the offer says it was “based in information in your credit report” but let’s hope it wasn’t information about debt or otherwise there is an argument to be made about an impermissible purpose to pull credit reports. Other debt relief companies have been sued over similar situations.
The inside of the mailer mentions nothing about debt settlement. It appears to be all loan or line of credit related. I’m still curious how they would have obtained information on the consumer debts and if it came from a credit bureau. See this, this, and this.
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This offer was able to be reviewed because a kind reader sent it in via my I Buy Junk Mail program.
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My husband got this kind of offer too, I spoke with a representative and ask for someone spanish speaker and never called me back. I told my husband I don’t like that.. Also the same day He received another from Titan Consulting Group with the same offer. it was too good to be true!
I got one and my fiance got one on the same day. Seems to be in-line with the “impermissible purpose to pull credit reports” issue because my “available credit” was pretty much spot on to what I owe according to my credit report and my fiance’s was very near what she owes according to her report.
Thank you for the true story on this outfit. Of course it’s too good to be true, but I figured I’d search the internets and came across your very helpful web posting! Thanks so much to CWindy and Steve for getting to the bottom of this and revealing their ruse! Run of the mill scammers looking to make my life more miserable than it is right now. I’ll eventually get my debt paid down the old fashioned way by chunking it down, never missing any payments, no late fees and not adding any more debt than I already have. I’ve done it before, I can do it again. Good luck to everyone and hang in there!
Damn I knew it was too good to be true
I got this too. Fake loan offer then pitch you debt settlement. You ruin your credit and barely save from the debt you are in after you factor their fees in!!!
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