The Credit Exchange – Former Employee Speaks Out

I was sent the following email below to click here from a former employee of The Credit Exchange.

The opinion and statements posted below are those of the former employee and I welcome The Credit Exchange and Steve Vanderhoof to respond to them.

“Hi Steve – I saw your website and decided I wanted to also submit some information to you about The Credit Exchange. I was an employee there from May 2007 to January 2009 and was terminated because I challenged their pay-practices to the employees.

We were constantly having commission changes and they were breaking many, many labor laws. We would go weeks without paychecks (no draw) which is against the law when you are NOT on a 1099. It makes sense Steve Vanderhoof is trying to do a 1099 on his employees now. [See this article for more on this.]

Everything bad I have seen published about The Credit Exchange is true. I cannot believe the Attorney General of California has not shut them down. We were ordered on a mandatory twice-a-month-basis to work half days on Saturdays and that was not compensated, not hourly or overtime. This is just a sample of what was going on.

I honestly look back now and wonder who were the biggest victims: the actual clients they enrolled in the programs or the employees!

I had to withdraw monies out of my Beneficiary IRA over the 20-month period of my employment at The Credit Exchange just to supplement my income when I would go weeks without paychecks. The employees were subjected to a very demanding and intimidating environment and you were reprimanded for even taking a lunch hour, much less taking off uncompensated sick time. I could go on and on.

I was finally terminated when they screened my emails I sent to my girlfriend from work complaining about making less and less money because Steve Vanderhoof basically told us he had mortgage and real estate people begging for jobs there because they were unemployed and if we didn’t adhere to his demands, we were history.

See also  Is Steven Craig With Tapit.com Really Steven Vanderhoof of Mortgage Law Group and The Credit Exchange Fame?

Sincerely,

Debbie”

Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

Steve Rhode

14 thoughts on “The Credit Exchange – Former Employee Speaks Out”

  1. I hear Steve Vanderhoof is back in town. Word is everything he owns is in other peoples names. Most likely his in Laws. He has a new angle i’m told. More to come later.

    Reply
      • I am hearing he is living in Huntington Beach (probably an apartment !!!)……he luxurious part of Huntington Beach would not RENT to a drug addict.  The above comment on 2/27/2012 hits everything right on the head.  Steve Vanderhoof is a crook and all of us that worked for him needed jobs.  I can imagine he left that big penthouse at Hutton Centre with lots of back rent !!!  I heard it is over a $100,000 !!!  Ex-employees tried to sue him for their wages (Good Luck) and then off to Chicago he ran.  Now that Legal Helpers Debt Resolution went under, they got rid of Vanderhoof too…..I just cannot imagine that skumbag can open up another office in The OC again.  BUYERS BEWARE !!!!!

        Reply
  2. I worked for steve vanderhoof as well from 2007-2010 and everything that has been written is true and thats just the beginning…..less the hookers and crack cocaine. steve vanderhoof would probably be a pretty nice guy if he stopped smoking crack … he used to tell us all we were racing for “pole positions” and to “put your life on hold” and take advantage of this great opportunity to help people and make good money doing it…. all one big fing lie …. Steve Vanderhoof is a sociopath in my opinion … he has no feelings for you me us or anyone but himself. I am quite sure he values all his cars more …. his cars are all leased and while i was at TCE he drove all these cars on different days of course… viper , mercedes SLR , 2 lambo’s a gallardo and murcielago all leased … just like the mansion he rented … this punk owns nothing and still had the nerve to write a book calling himself america’s personal finance coach …what a joke that book looked like it was written by a grade schooler. he swindled all of us … but we should have known better and i fault myself in the end … to all the people i help screw i am sorry ….like most people who worked at TCE i drank the kool aide and looked the other way. I needed the job however horrible at that time …. i am guilty as charged …. as for steve he is up to the same old tricks in Chicago working for what used to be called the legal helpers … he needs to be stopped. 

    Reply
  3. I worked at The Credit Exchange for 5 years. V did nothing but promise a future to us working there (I was NOT sales but part of the Admin staff), all the while spending millions on vacations, cars, 16000 a month for his personal rental house while most of his staff had trouble paying their electric bills and feeding there kids. You didnt quit because there was always the promise of how rich we would all be.  Meanwhile, V personally destroyed a hugely successful and honest company by lying to his employees and customers all because he wanted to be famous.  And it looks like he hasn’t stopped. Watch out for his name in the future.

    Reply
  4. My friend and I worked for TCE around 2007. We came from the mortgage business and were looking for a job…any job. However it only took about 4 weeks for us to realize that this place was a fraud. I couldn’t stand seeing Vanderhoof pulling up in a brand new Lamborghini when he already had one in the parking lot. Screw this guy, I hope he is indicted and sent to prison!

    Reply
  5. My friend and I worked for TCE around 2007. We came from the mortgage business and were looking for a job…any job. However it only took about 4 weeks for us to realize that this place was a fraud. I couldn’t stand seeing Vanderhoof pulling up in a brand new Lamborghini when he already had one in the parking lot. Screw this guy, I hope he is indicted and sent to prison!

    Reply

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