The Federal Trade Commission sued Financial Education Services and others for selling credit repair and an alleged pyramid scheme business opportunity. Watching the court record, Financial Education Services is pushing back hard. However, the FTC just filed a document that makes a compelling argument why the credit repair company should have some concerns. You can …
Company Illegally Charged Consumers for Credit Advice, Filed False ID Theft Reports and Pitched Them on Fake Business Opportunity At the request of the Federal Trade Commission, a federal court has temporarily halted a bogus credit repair scheme known as The Credit Game for promoting a series of lies and deceptions. The FTC alleged the …
The Federal Trade Commission obtained an order halting a credit repair scheme that allegedly bilked consumers out of millions of dollars by falsely claiming they will remove negative information from credit reports, while also filing fake identity theft reports to explain negative items on customers’ credit reports. At the request of the FTC and the …
A debt relief company named Debt Assistance Network hit my radar. People are under the impression the company will assume their debt and somehow fight back to eliminate debt. Fees are steep. I typically advise consumers that anyone considering using such a company should read the following free guides and do their own research. The …
Question: Dear Steve, Two years ago, My credit report was horrible; all kinds of things in collections. My credit score was 519, my wife was 430, and she had no credit when she did have only collections. In 2 years, I cleaned everything up except for like three things with a total of less than …
Not all that long ago the National Association of Credit Service Organizations (NACSO) sued the Consumer Financial Protection Bureau (CFPB) to have them back off the industry. You can see past posts, here. NACSO had solicited funds from members to help pay for a suit filed by Greenspoon Marder against the CFPB. You can read …
Recently I wrote about the valiant effort of the National Association of Credit Services Organizations (NACSO) to get some clarity from the Court regarding the unfavorable language of the Telemarketing Sales Rule (TSR). It appears the intention of the lawsuit filed against the Consumer Financial Protection Bureau (CFPB) is to invalidate the part of the …
Recently I wrote about the desire for the National Association of Credit Services Organizations members to raise money to sue the Consumer Financial Protection Bureau (CFPB). Well it seems they raised the necessary funds they were looking for from members to sue the CFPB. Actually an attorney with the law firm Greenspoon Marder did as …
You have to give a hat tip to attorney Robby Birnbaum who is seemingly involved with a number of debt/credit niche associations. In a recent presentation, Mr. Birnbaum was introduced as the current president of the National Association of Credit Services Organizations (NACSO). Mr. Birnbaum is a long-standing attorney representing and advising clients in this …
Here is an important lesson for any company or person that is selling any service that uses added authorized users or tradelines to a consumer credit report in order to improve the credit score. The information below comes directly from the case filed by the Federal Trade Commission and to make sure people don’t feel …