Consumer Finance Protection Bureau Knocks Out A Scam
CFPB Knocks Out Another Scam
Yesterday, the Consumer Finance Protection Bureau put another credit repair outfit out of business. This was National Credit Advisors. These folks claimed that you can use them to “free yourself from bad credit.”
According to the Consumer Finance Protection Bureau, they collected $20 million from 50,000 consumers over a three year period. And accomplished almost nothing. (They promise that “One of our certified credit analysts will review your credit report with you and provide a customized in-depth credit evaluation.” Which boils down to nothing.)
In addition to agreeing to go out of business, although the website is still up today, National Credit Advisors agreed to pay a fine of $150,000. Not much if they scammed people out of $20 million.
Three signs of a scam
Looking at their website, I see all three earmarks of a scam.
First of all, they are far away. Sherman Oaks, California. Why do people trust somebody they never heard of in a city far away? I don’t know, but people do.
Second, they don’t show their face. National Credit Advisors does not give you the name, or picture, of the people behind it. It seems like scammers never do.
Third, they don’t have a real address. On their website, National Credit Advisors lists their address as 13636 Ventura Blvd. If you Google 13636 Ventura Blvd, Sherman Oaks CA, it’s a UPS store! Obviously their “certified credit analysts” aren’t working there at the UPS store. From that, you gotta suspect those analysts really aren’t anywhere.
What’s the Lesson?
If you need to protect your legal rights, see a lawyer! I know lawyers are expensive. But not as expensive as sending money to a scammer that just makes your problem worse. And when I say “see” a lawyer, I mean sit down face to face, with someone in your community who takes the time to understand your problem. (Someone who is licensed by your state Supreme Court. And who has a location where you can send the sheriff if they just take your money and don’t do anything.)