And so the same thing that happened to me can definitely happen to you. 19. 13. After just 60 days, 18 of the 23 were deleted and my credit score went up 174 points to a 679! This company is amazing! Our office alleges that FES tried to mislead consumers and circumvent state and federal credit repair laws by affiliating with a non-profit organization that the Defendants themselves managed and directed. The fee consists of a one-time set up fee, purportedly to cover administrative costs associated with setting up the FES Agents business. The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely. Team Income Compound your success by building a strong team Expansion Income Grow you [sic] local market or network with people from across the United States Residual Income Earn over-and-over based on the sale of services to your team and their customers Bonus Income The Compensation Plan features six ways to earn, including lucrative bonus opportunities, R&RCLUB In addition to Four Dimensions of income, you could earn special R&R Club perks, designed specifically to set you up for long-term wealth-generating success. The Fair Credit Reporting Act (FCRA) is the law that essentially created the credit repair process back in 1970. Unlike any other financial service on the market, the FES Protection Plan is designed to cover all aspects of your financial portfolio. By meeting specific requirements, FES Agents can go through a series of promotions from agent, to field trainer, to senior field trainer, to sales director, to regional sales director, to executive sales director, to vice president, to regional vice president, to executive vice president, to senior vice president, to senior regional vice president, to senior executive vice president, and culminating in pinnacle senior vice president. Defendants representatives typically tell consumers that Defendants services cost $89 per month with a one-time payment of $99, variously referred to as a registration or activation fee. I love the credit monitoring because it allows me to check my score whenever I want. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. Negative marks that are as well old to be included. You may also need to pay a startup fee . Defendants' internal documents reveal, however, that these earnings figures considered only those FES Agents who were actually paid, and excluded the vast majority who earned nothing. So, I've distilled my 20 years of experience of fixing credit scores into an advanced method credit bureau dispute letter with specific instructions on how to utilize it.. Here's what you need to know: The Fair Credit Reporting Act's (FCRA) Section 611 allows . Now, its been five years since I said YES to FES and my life has truly changed! At all times relevant to this Complaint, Youth Financial has carried on business for its own profit or that of its members. For example, to purportedly remove negative information, FES emails clients uneditable form letters to print, sign, and send to credit bureaus. Defendant Michael Toloff is or was an owner, officer, director, or manager of Youth Financial, FES, and VR-Tech Mgt. In contrast, VantageScore can supply you with a rating after simply one month. Defendant VR-Tech, LLC (VR-Tech) is a Michigan limited liability company with its principal place of business at 37735 Enterprise Court, Suite 600, Farmington Hills, Michigan. The company claims to offer consumers the ability to remove negative information from credit reports and increase credit scores by hundreds of points, charging as much as $89 per month for their services. If you do, you must create a user name, or we will not post your comment. Search for information thats accurate but can not be confirmed. 9 Pages. You can learn more about Steve, Click to email a link to a friend (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pinterest (Opens in new window), Financial Education Services Fighting Back Against FTC Over Credit Repair Allegations, Defendants Deceptive Telemarketing Activity, Defendants Deceptive Internet and Social Media Claims, FTC Shuts Down Credit Repair Pyramid Scheme Financial Education Services, Which Bilked More Than $213 Million from Consumers, WealthPress Nailed for Deciving Consumers With Investment Advice, Department of Ed Proposes Cutting Income-Driven Payments in Half, Forster & Garbus Illegally Sued Borrowers on Behalf of Citibank and Discover, Among Others, When it Comes to Government Benefit Fraud You Are Wrong About Who Does It, College Enrollments are Down, Tuition Prices are Up & Student-Loan Forgiveness Is on the Way: The Wounded Grizzly Syndrome, https://socialsellingnews.com/link/ftc-handed-major-courtroom-setback-in-anti-pyramid-case-7562/, https://www.courtlistener.com/docket/63343121/federal-trade-commission-v-finacial-education-services-inc/, https://www.courtlistener.com/docket/65753397/cofer-v-financial-education-services/, How to Get Out of Debt Without Getting Scammed and What to Do if You Have Been, The Beach Misses You: A Financial Fable For Happiness And Internal Peace, Get Out of Debt Guy Podcast - Reader Questions - AMEX Arrrgh, Getting Out of Debt and Making Lots of Extra Money is Easy When You Do This One FREE Thing, Is Your Debt Relief Company a Scam and How to Make an Extra $800 a Month to Make Ends Meet. Earn direct commissions for each sale Build a team and earn weekly residual bonuses Qualify for free services and products. But, according to a lawsuit the Department of Justice filed for the FTC, the company took people's money without delivering on its promises to boost their credit scores.. These companies can charge a fee for their legwork (more on how that works in a minute), but there are . Call 1-800-GEORGIA to verify that a website is an official website of the State of Georgia. 789K subscribers in the antiMLM community. This blog post is for the people who cannot afford my paid credit repair services in Los Angeles and prefer a self help strategy.. Regretfully paid them for what they expressed as experience, but never resulting in anything tangible. And it starts at Sales Director. People can follow along at https://www.courtlistener.com/docket/63343121/federal-trade-commission-v-finacial-education-services-inc/. We wont post threats, defamatory statements, or suggestions or encouragement of illegal activity. Identification theft and also the damage sustained may need considerable credit repair work. And, the FTC says, in classic pyramid scheme style, FES incentivizes recruiting new agents into the business over selling credit repair services. SSN * Show Thus FES Agents have the ability to meet the requirement solely through purchases of credit repair services by themselves and other FES Agents, including in the form of continued payment of monthly fees for credit repair services. The highlighted bullet points that stand out to me about the FES are: Several program options Strong focus on credit repair and management Money-back guarantee Credit Dispute Service included with the monthly fee. Patrice Johnson. Guys this number has doubled. Your thoughts, ideas, and concerns are welcome, and we encourage comments. https://socialsellingnews.com/link/ftc-handed-major-courtroom-setback-in-anti-pyramid-case-7562/. Lina M. Khan was sworn in as Chair of the Federal Trade Commission on June 15, 2021. We may be able to help you with this situation, but you need to act quickly. But keep in mind, this is a moderated blog. So, many of us might be looking for alternatives, like buying gifts locally or maybe from online marketplaces or sites you find through your social media accounts, online ads, or by searching Youve opened all your gifts, and now its time to open those post-holiday credit card statements. The letters challenge all or most negative items in the clients credit reports. Defendants require consumers to provide their financial information, including their credit or debit card number or account routing number and bank account number, on the phone. His decision ultimately was to appoint the receiver as the monitor who will stay on for an undisclosed amount of time. Defendants often provide FES Agents with the necessary marketing materials, including social media-ready advertising and scripts, to recruit new agents. The complaint charges that few people, if any, make the income promised, and many lose money. For example, in numerous instances, consumers are provided with scripts to use when speaking with consumers for both credit repair and agent recruitment. To protect your privacy and the privacy of other people, please do not include personal information. Dont answer another online quiz question until you read this. My wife and I didn't have money saved, and used my last check to pay our bills for the month, not knowing what we were going to do I found FES on Instagram, took a chance at what I believed would be just some extra income for us, I didn't know that investing . Defendants FES, United Wealth, VR-Tech, VR-Tech Mgt, CM Rent, and Youth Financial (collectively, Corporate Defendants) have operated as a common enterprise while engaging in the unlawful acts and practices alleged below. I had three student loans removed from my credit reports within 45 days and my credit score increased from a 590 to a 662! In addition to marketing their credit repair services, Defendants also market a purported investment opportunity, soliciting consumers to become FES Agents to recruit additional consumers to purchase Defendants credit repair services and become FES Agents themselves. The complaint alleges that the credit repair scheme and pyramid scheme are intertwined. But the FTC says that the credit repair services that Financial Education Services (FES) offers are a sham and its supposed money-making opportunity is a pyramid scheme. I posted her getting her G wagon last year and now its paid off! To become a senior field trainer, in addition to an increase in the dollar amount of monthly revenue, the FES Agent needs to have both downline FES Agents themselves become field trainers (i.e., each must have recruited an additional two FES Agents). In January of 2014 I had a 412 credit score and by March 2014, my score went up to 714. Defendants explain to consumers that if an FES Agent establishes a strong enough set of teams in his or her downline that are consistently performing at a high level (i.e., in terms of new agent recruitment and purchases of credit repair services), the FES Agent at the top can maintain a high title on a monthly basis (and all commensurate bonuses) without having to do very much personal work. It has allowed me to restore my credit score in 40 days. It really works! I added on the other products they offer which is a secured credit card and CreditMyRent which well discuss in a minute, and my score went from the 610 to the 700. Waller FES Credit Repair is a credit repair service where we help our clients plan and manage their financial affairs. Lo hice por 16 meses, donde mi estado crediticio cambio de 25 articulos negatives con 430 puntos en mi credito, a escalarlo a 749 en solamente 16 meses [English translation: I did it for 16 months, where my credit status changed from 25 negative accounts and a 430 credit score to 749 in just 16 months]. 32 votes, 14 comments. Under federal law, companies can charge fees for credit-repair services only once the promised results have been achieved and proven with a credit report six months later. [Slide from YouTube video presentation:] We joined FES a little over 15 months ago. In numerous instances, Defendants representatives claim that as a result of Defendants services, consumers credit scores will improve significantly within 30 to 90 days. This service is AMAZING!!! FES was originally incorporated as Credit Education Services, Inc. FES has also done business as American Credit Education Premium Services, American Credit Education Services, United Credit Education Premium Services, United Credit Education Services, United Wealth Education, and VR-Tech Marketing Group. Over 43 million Americans have a credit score of 599 or less, and that was pre-pandemic. At the FTCs request, a federal court has frozen the defendants assets, appointed a receiver, and ordered a halt to the allegedly illegal operations pending further proceedings in the case. Getting Laid off as a P.E. The FTCs investigation found that the companys scheme combines charging consumers for these worthless credit repair services with a hard sell to join a pyramid scheme that consists of selling the worthless services to more consumers. When consumers then speak with Defendants representatives over the telephone, the representatives make many of the same deceptive representations included on Defendants websites and social media accounts. Personalised Credit Repair Services in Waller. FES claims it can boost peoples credit scores by hundreds of points quickly by permanently removing negative information from their credit reports and adding positive information. The 24-year-old had been appointed by President Andrew Jackson to serve as secretary of the Michigan Territory four years earlier. Good or excellent scores can help you qualify for the most effective offers and not get kept back by an absence of credit rating. Defendants Unlawful Investment Opportunity and Pyramid Scheme. They are also enjoined from advertising, offering or selling credit repair services in Georgia or creating the perception that their independent sales agents have an affiliation with another to advertise, offer or sell credit repair. Youth Financial was originally incorporated as MSU Common Sense, Inc., which changed its name to The Thompson Scholarship Foundation, Inc., which changed its name to Patro Scholarship Foundation, Inc., which changed its name to Youth Financial. Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. But if you skip down a couple to where J[] G[] is, at Executive Sales Director, shes bringing in over $50,000 a month in business, her and her whole team, shes getting 1% of that. Our office alleges that FES tried to mislead consumers and circumvent state and federal credit repair laws by affiliating with a non-profit organization that the Defendants themselves managed and directed. The Fair Credit Reporting Act lists civil penalties for people or businesses that willfully refuse to comply with accurate credit reporting. Now that number has multiplied by three, almost four times. In addition, the complaint says, FES doesnt give people important information that the Credit Repair Organizations Act (CROA) requires, including signed contracts that disclose the services it will provide, the total cost of its services, and its refund and cancellation policies. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); My Guide to Getting Out of Debt With Proven Methods and Smart Ideas, Major Changes to All Your Federal Student Loans to Be Eliminated in Bankruptcy, Those That File Bankruptcy Do Better Than Those That Dont, Why Income-Based Student Loan Payments Can Be a Terrible Trap. Looking for legal documents or records? Who needs negative items removed from their credit report Permanently??? Consumers seeking credit assistance are also often struggling financially, said Attorney General Carr. VR-Tech Mgt transacts or has transacted business in this District and throughout the United States. Defendants and their agents Internet websites and social media accounts often list telephone numbers for consumers to call for more information. If you have 400-500 credit score and want a 700-800 score, I have a connection that legally erases negative things..repos, foreclosures, late payments, medical, student loans evictions, and more. 26. [Slide from YouTube video presentation:] My credit score went from a 586 to a 748 allowing me to purchase a new car with no money down and a very low monthly payment! In a newly filed lawsuit, the FTC says that FES, which also does business as United Wealth Services, has bilked people out of more than $213 million with a scheme that combines charging people for worthless credit repair services and recruiting them to sell the same bogus services to others.
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