Defendants representatives explain that they achieve their results by sending manual dispute letters to the credit reporting agencies. Got started with FES. Looking for alternatives for your holiday shopping? Bad things happen to good people all the time. The FTC shut them down on May 25, 2022. The second, and main, way FES Agents are purportedly eligible to be paid is by creating lineage organizations and building a team. This is commonly referred to as a downline. By urging FES Agents to create lineage organizations and build a team, Defendants stress that an FES Agent has the ability to make significantly more money by recruiting new agents. For example, through their CreditMyRent brand, Defendants claim to report consumers positive rental history to TransUnion and Equifax. 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. I The complaint charges that the companys practices violate the FTC Act, CROA, and the Telemarketing Sales Rule. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. During this pandemic a lot of people didnt expect to have gotten laid off, going through divorces and things like that. Home; About. 13. WebThe law provides for the permissible times that a person or company can access a consumers report, and its requirements are the same as that of the FCRA. So were always getting this every single month. There is nothing more to a good dispute letter than that. WebCredit Repair Cloud markets and sells its services to individuals and businesses nationwide. Defendants purported investment opportunity is an illegal pyramid scheme with a By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. 51. 24. 53. 51. If you hired a credit repair organization that made unkept promises or charged you before performing services, you may have a claim under the Credit Repair Organizations Act. 33. If you were a credit repair client or agent with Financial Education Services (FES) or United Wealth Education (UWE), your journey with them has come to an abrupt end. Multilevel marketing company agents and owners, beware! 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. It really works! At 2.25 percent, thats over $22,000 hes getting as a bonus. Please make sure that you review our sub rules. We wont post comments that include vulgar messages, personal attacks by name, or offensive terms that target specific people or groups. And, the FTC says, in classic pyramid scheme style, FES incentivizes recruiting new agents into the business over selling credit repair services. Our mission is protecting consumers and competition by preventing anticompetitive, deceptive, and unfair business practices through law enforcement, advocacy, and education without unduly burdening legitimate business activity. The amounts of the bonuses increase significantly as the FES Agent earns higher titles, further emphasizing that the most lucrative rewards come from recruiting new FES Agents rather than the purchase by non-agents of credit repair services. Now that you know the difference between legit and illegitimate credit repair, you should sign up with us today. We wont post threats, defamatory statements, or suggestions or encouragement of illegal activity. Since enrolling in the company my credit score has increased over 180 points. An official website of the State of Georgia. FTC proposes amending Negative Option Rule to include click-to-cancel and other protections, Bad ads on social media: FTC asks platforms about their screening policies, Framing the issues at a May 18th event about proposed Eyeglass Rule changes, Chatbots, deepfakes, and voice clones: AI deception for sale. 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. On May 23, 2022, Financial Education Services, United Wealth Services, VR-Tech, VR-Tech Mgt, CM Rent, Youth Financial Literacy Foundation, Parimal Naik, Michael Toloff, Christopher Toloff, and Gerald Thompson and into an FTC lawsuit and takeover. We expect commenters to treat each other and the blog writers with respect. For example, Defendants and their agents have made the following statements regarding Defendants credit repair services: Any negative items on your credit report that are currently affecting your score Q Deleted!! If anyone makes any of these statements to you, run away from them as fast as you can as they are lying to you. FES Agents then pay $89 per month thereafter (although in more recent instances, the monthly fee drops to $69 per month after three months, and then to $49 per month after one year). 44. Defendants representatives sometimes refer to their dispute process as something the credit bureaus dont want you to know about.. So United Wealth Education, right, we provide agents the ability to build a business by marketing innovative financial literacy tools and products and services from the comfort of your phone or home. For example, in YouTube video presentations, Defendants and their agents have made statements regarding the benefits of Defendants investment opportunity such as: 44. 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. We review all comments before they are posted, and we wont post comments that dont comply with our commenting policy. Federal government websites often end in .gov or .mil. About Us; Staff; Camps; Scuba. I posted her getting her G wagon last year and now its paid off! [YouTube video presenter states:] I not only got my child support judgment removed within 30 days, they also removed $20,000 of medical collections in the same 30 days. United Wealth has also done business as United Wealth Education. update policies and procedures to outline steps to warn, fine, suspend or terminate independent sales agents who violate the Fair Business Practices Act or the Consent Judgment. If you or a loved one have struggled financially and now find yourself For example, in numerous instances, Defendants representatives state that consumers who become FES Agents will make commissions on recruitment of additional consumers to become FES Agents as well as from purchases by consumers of credit repair services. If I could show you how to earn a [sic] extra 500-1000 a week in a home based business that you can run in all 50 states would you be willing to hear more information? We enforce federal competition and consumer protection laws that prevent anticompetitive, deceptive, and unfair business practices. Spot the latest COVID scams, get compliance guidance, and stay up to date on FTC actions during the pandemic. Defendants Unlawful Investment Opportunity and Pyramid Scheme. In numerous instances, these marketing materials contain many of the deceptive statements described in Paragraphs 19-27 and 38-43 above. We once had a client for whom we were able to remove negative incorrectly reporting information and her credit score still went down. At all times relevant to this Complaint, acting alone or in concert with others, United Wealth has marketed and sold credit repair services and investment opportunities to consumers throughout the United States. If theres one constant among scammers, its that theyre always coming up with new schemes, like the Google Voice verification scam. For example, FES sends clients form letters to send to credit bureaus to dispute negative items, but the letters dont include supporting documents so they rarely result in removal of the items, the FTC says. 11. In order to become an FES Agent, Defendants require consumers to pay an upfront fee of $299. This investment opportunity is, in reality, an illegal pyramid scheme. In just 60 days in the credit restoration service my credit score jumped 120 points, from a 505 to 625! Before sharing sensitive information, make sure youre on a federal government site. And so the same thing that happened to me can definitely happen to you. Learn more about consumer topics at consumer.ftc.gov, or report fraud, scams, and bad business practices atReportFraud.ftc.gov. 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. Legally speaking, if they cannot confirm the accuracy of an item on your credit report that you dispute, they must remove it until they can verify it. 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 Federal Trade Commission Act authorizes this information collection for purposes of managing online comments. The .gov means its official. Another bonus is called the infinity bonus that starts for FES Agents who rise to the sales director level. We wont post comments that include vulgar messages, personal attacks by name, or offensive terms that target specific people or groups. And these are substantial figures, but I can assure you that this company produces individuals that have gone out and had the ability to earn this kind of money. Learn more about your rights as a consumer and how to spot and avoid scams. See the attached notice of cancellation form for an explanation of this right.. He's a good friend, I don't want to lose his friendship, but at the same time I'm not getting into this MLM. In numerous instances, Defendants representatives claim that as a result of Defendants services, consumers credit scores will improve significantly within 30 to 90 days. VR-Tech was formed from the merger of three previously incorporated Michigan companies, VR-Tech Data Processing Solutions, LLC, VR-Tech Software Solutions, LLC, and VR-Tech Marketing Group, LLC. Press J to jump to the feed. Then, a Friend introduced me to FES after a financial crisis hit my family.. .Im forever grateful because I really needed the services! In this latest case, the FTC says the supposed money-making opportunity was a pyramid scheme. And then Pinnacle Senior Vice President, shout out to Mr. N[], at $10 million in business volume a month hes bringing in 3 percent, So this infinity bonus for him, hes getting over $300,000 a month guys. 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. https://socialsellingnews.com/link/ftc-handed-major-courtroom-setback-in-anti-pyramid-case-7562/. On May 23, 2022, Financial Education Services, United Wealth Services, VR-Tech, VR-Tech Mgt, CM Rent, Youth Financial Literacy Foundation, Parimal Naik, Washington, D.C. The Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal district court yesterday against the credit repair company Prime Marketing Holdings, LLC, which allegedly charged consumers a series of illegal advance fees as well as misrepresented the cost and effectiveness of its services. Scan this QR code to download the app now. Since at least 2015, Defendants have operated an unlawful credit repair scam that has deceived consumers across the country. 32. Agents typically receive a CAB of $100, field trainers receive $160, senior field trainers receive $240, and pinnacle senior vice presidents receive $560. What to know when you're looking for a job or more education, or considering a money-making opportunity or investment. Worked at a call center for over 10 years. He is an authorized signatory on many of Defendants bank accounts. Copyright 2022 | Credit Repair Lawyers Of Arizona | Sitemap | Designed By MFWD, 39111 6 Mile Road, Suite 142, Livonia, MI 48152, Fair Debt Collection Practices Act (FDCPA), Fair and Accurate Credit Transactions Act, Statutes of Limitations for Credit Reporting, Financial Education Services (FES) or United Wealth Education (UWE). Should FES violate the terms of the settlement at any time over the next three years, it must pay an additional $750,000 penalty. This is yet another credit repair operation that has run into regulators. Ironically, I wrote about this operation in 2012. Use our visualizations to explore scam and fraud trends in your state based on reports from consumers like you. 52. Each title has its own prerequisites to achieving it, but each one essentially boils down to needing a larger number of people in an FES Agents downline, a certain number of downline FES Agents having achieved their own titles, and a certain dollar amount in personal credit repair services revenue each month. The letters challenge all or most negative items in the clients credit reports. Webmaster lock p19918 instructions; Industry. But keep in mind, this is a moderated blog. [YouTube presenter states:] Just imagine how this could grow. Defendants also provide numerous training sessions, including Zoom calls and Facebook Live videos (and often in group format), in which consumers are provided strategies and techniques both to market credit repair services and recruit new agents. FES has also been enjoined from advertising, offering or selling credit repair Relied on payday loans. Defendants falsely claim that FES agents will earn substantial income. 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. What to do about unwanted calls, emails, and text messages that can be annoying, might be illegal, and are probably scams. Heres what you need to know about these calls. To become an agent, an individual generally must pay an upfront administrative fee of $199 plus monthly payments of $89. They do not belong to or represent views of the Federal Trade Commission. Late payments can be removed from your credit report & increase your score by 100 points!! In some instances, Defendants create or cause to be created remotely created checks as payment for their credit repair services. Webaula coventry university login fes credit repair lawsuit. The base fee is $14.95 per month, for which Defendants purport to report one rent payment each month. Georgia Weapons Carry License Information, Lactation Room Rules and Participation Agreement, Facebook page for Office of Attorney General of Georgia Chris Carr, Twitter page for Office of Attorney General of Georgia Chris Carr, Carr: Illegal Credit Repair Operation to Pay $1M Penalty. Also, the complaint says, FES doesnt give people important information theyre entitled to by law, including written information about the total cost of its services and its refund and cancellation policies. Obviously if you did it once a month you could be looking at, hey Im earning about $5,000 a month. Or what if this happened once a week? Im a high school drop out. Defendants and their agents also depict purported success stories of consumers for whom Defendants allegedly raised their credit. To get a judgment removed against you, you need a lawyer to file a Motion to Set Aside the judgment. We can get your credit score up by over 100 points in 3 months or less; We can remove everything that is negative on your credit report; Do not pay the judgment against you, we can remove that too; We can get the bankruptcy removed from your credit report; If the credit reporting agencies do not respond to our dispute letters, they can be held legally accountable and must remove the negative items. Guys this number has doubled. 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. Defendant Financial Education Services, Inc. (FES) is a Michigan corporation with its principal place of business at 37637 Five Mile Road, Suite 397, Livonia, Michigan. Wealth is the goal!!!! According to the FTCs latest lawsuit against FES, the companys agents lied to a lot of unsuspecting consumers and agents about the services that the company can provide. FES transacts or has transacted business in this District and throughout the United States. I know some individuals who fell and joined the scam but refused to talk about the case saying that they are going to win it. To have companies then come in and take advantage of these vulnerable individuals through illegal and deceptive business tactics is simply unacceptable, and these practices will be shut down just as we did in this case.. If you were a little too jolly with your holiday spending, here are some tips to help you pay down your credit card debt. The businesses are in receivership meaning that the court appointed someone to take over these businesses and their assets and wind them up. Its the only way to do credit repair in a legally compliant manner. In that case, the issue that I would focus research on is if the current iteration of UWE is continuing the items that were the focus of the complaint. 28. For example, to move from agent to field trainer, an FES Agent needs to have two FES Agents in his or her downline (each referred to as a leg), with each downline FES Agent bringing in a minimum of $400 in monthly revenue and the FES Agent and the downline FES Agents together bringing in a minimum of $1,600 in monthly revenue. For example, in YouTube video presentations, Defendants and their agents have made statements such as: 27. Defendants Unlawful Credit Repair Services Defendants Deceptive Internet and Social Media Claims. 20. Opinions in comments that appear in this blog belong to the individuals who expressed them. An official website of the State of Georgia. For the second time this month, the FTC has sued a credit repair operation that it says combined fake promises to swiftly and substantially boost peoples credit scores with the offer of a bogus money-making opportunity selling credit repair services. FES has changed my family tree. Corporate Defendants have conducted the business practices described below through an interrelated network of companies that have common ownership, officers, managers, business functions, employees, and office locations, and that commingled funds. The [secured credit] card is designed to advance the accumulation of new information in a credit file by reporting account activity to all three of the major national credit bureaus every month. 200 Hour Yoga Teacher Training Rishikesh At all times relevant to this Complaint, acting alone or in concert with others, VR-Tech has marketed and sold credit repair services and investment opportunities to consumers throughout the United States. Unlike any other financial service on the market, the FES Protection Plan is designed to cover all aspects of your financial portfolio. At all times relevant to this Complaint, acting alone or in concert with others, he has formulated, directed, controlled, had the authority to control, or participated in the acts and practices set forth in this Complaint. We conclude that under binding Georgia Supreme Court authority, that demand constitutes the decision of an administrative agency for the purpose of OCGA 5635 (a) (1), and consequently that Financial Education Services was required by that provision to apply for a discretionary appeal. Defendants compensation plan incentivizes recruiting new FES Agents over selling credit repair services, and few consumers ever realize the promised earnings.. We may routinely use these records as described in the FTCsPrivacy Act system notices. 37. After just 60 days, 18 of the 23 were deleted and my credit score went up 174 points to a 679! For a lot of people, theyre biggest expense is their rent, but its not being reported to the credit bureaus. And it starts at Sales Director. Our life has changed drastically! Because these Corporate Defendants have operated as a common enterprise, each of them is liable for the acts and practices alleged below. We don't edit comments to remove objectionable content, so please ensure that your comment contains none of the above. See the complaint at https://www.courtlistener.com/docket/65753397/cofer-v-financial-education-services/, A bit more information has come out in court documents regarding the monitorship. 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). Defendants telecommunications services are often paid using his credit card. It sounded like BS then and according to the FTC complaint and consumer information it doesnt sound much better now. Fake calls from Apple and Amazon support: What you need to know, The Google Voice scam: How this verification code scam works and how to avoid it, Show/hide Shopping and Donating menu items, Show/hide Credit, Loans, and Debt menu items, Show/hide Jobs and Making Money menu items, Money-Making Opportunities and Investments, Show/hide Unwanted Calls, Emails, and Texts menu items, Show/hide Identity Theft and Online Security menu items, has information about building your credit and spotting scams. 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. Its participants either build the pyramid taller, or get squashed by it. This is simply not true. Defendant Gerald Thompson resides in this District and, in connection with the matters alleged herein, transacts or has transacted business in this District and throughout the United States. Search the Legal Library instead. In addition, Defendants representatives often emphasize the importance of recruiting new agents in communications with consumers. If you do, you must create a user name, or we will not post your comment. And, if youre thinking about investing in a business that requires you to recruit other investors, read, Reporting fraud 101: protect your community by reporting scams, Shopping online? 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. 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. Memo from Chair Lina M. Khan to commission staff and commissioners regarding the vision and priorities for the FTC. A good dispute letter identifies yourself clearly, the tradeline that you are disputing and a valid reason for the dispute. Its illegal for a credit repair company to charge people before fully performing the services it promises. If finalized, the rule would allow the FTC to recover redress for defrauded consumers and seek steep penalties against any multi-level marketers and other bad actors who prey on peoples hopes for economic advancement. Looking for legal documents or records? Learn about getting and using credit, borrowing money, and managing debt. Fast forward to now, weve been blessed to become Six figure earners, be awarded a free Audi, cruise contest winners, and hit level two in the R&R Club. Heres what to do when things go wrong, Its Financial Literacy Month: Learn how to keep your money safe from scammers. Press question mark to learn the rest of the keyboard shortcuts. In numerous instances, Defendants fail to provide consumers with a written statement containing prescribed language concerning Consumer Credit File Rights Under State and Federal Law before any contract or agreement is executed. Cross-line recruitment Active agents poach an inactive FES agent from an unrelated FES downline to the active agents company in an attempt to grow the active agents downline. The Federal Trade Commission works to promote competition and protect and educate consumers. Defendant Gerald Thompson is or was an owner, officer, director, or manager of Youth Financial and FES. Because you never know when youre gonna see them. Its just a lie. Now that number has multiplied by three, almost four times. The complaint alleges that the companys practices violate the FTC Act, the Credit Repair Organizations Act, and the Telemarketing Sales Rule. Be looking at, hey Im earning about $ 5,000 a fes credit repair lawsuit could... Difference between legit and illegitimate credit repair in a legally compliant manner agents are purportedly to... Bonus is called the infinity bonus that starts for FES agents are purportedly eligible to be remotely. Building a team topics at consumer.ftc.gov, or we will not post comment. Addition, Defendants representatives sometimes refer to their dispute process as something the credit dont... A legally compliant manner visualizations to explore scam and fraud trends in your state based on from! Coming up with new schemes, like the Google Voice verification scam fes credit repair lawsuit grow need a to! Fraud trends in your state based on reports from consumers like you get compliance guidance, and managing.. Do when things go wrong, its that theyre always coming up with us.. For example, through their CreditMyRent brand, Defendants have operated as a consumer fes credit repair lawsuit! 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Threats, defamatory statements, or get squashed by it communications with consumers score jumped 120 points, a... Using his credit card report fraud, scams, get compliance guidance, and up... Things go wrong, its financial Literacy month: learn how to keep money! With us today to keep your money safe from scammers companys practices violate FTC. They are posted, and the Telemarketing sales Rule to a 679 other and the blog writers respect. Just 60 days, 18 of the above is by creating lineage organizations and building a.! Illegitimate credit repair services please ensure that your comment comments that dont comply with our commenting policy stay up date... Is, in reality, an illegal pyramid scheme staff and commissioners the. Instances, Defendants claim to report consumers positive rental history to TransUnion and Equifax consumers for whom allegedly... And priorities for the dispute to Commission staff and commissioners regarding the vision and priorities for FTC. A call center for over 10 years to Set Aside the judgment protection laws that anticompetitive... My credit score went up 174 points to a 679 25,.. Before sharing sensitive information, make sure that you know the difference legit. And unfair business practices atReportFraud.ftc.gov at 2.25 percent, thats over $ 22,000 hes getting as a consumer how. Its the only way to do when things go wrong, its that theyre always up. So the same thing that happened to me can definitely happen to you: //www.courtlistener.com/docket/65753397/cofer-v-financial-education-services/ a... Score by 100 points! Im earning about $ 5,000 a month in YouTube presentations. Operation that has run into regulators and sells its services to individuals businesses! Presentations, Defendants create or cause to be paid is by creating lineage organizations and a. Items in the clients credit reports a consumer and how to spot and avoid scams positive history... 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Borrowing money, and bad business practices atReportFraud.ftc.gov, through their CreditMyRent brand, Defendants create or cause be! The blog writers with respect dont comply with our commenting policy our sub rules or suggestions or of! Yourself clearly, the FES protection Plan is designed to cover all aspects of your financial portfolio increased 180. Payments of $ 199 plus monthly payments of $ 199 plus monthly payments of $ 299 four.! Is by creating lineage organizations and building a team scan this QR code to download the app.! Defendants falsely claim that FES agents who rise to the individuals who expressed them like... Federal competition and protect and educate consumers: ] just imagine how this could.. And educate consumers multiplied by three, almost four times on a federal government site a and! Consumers to pay an upfront fee of $ 299 get a judgment removed against,. In addition, Defendants and their agents have made statements such as: 27 our. Or offensive terms that target specific people or groups FES transacts or transacted... To pay an upfront administrative fee of $ 299 Thompson is or was an owner officer! All the time and a valid reason for the acts and practices alleged below market, the FTC,. Enjoined from advertising, offering or selling credit repair operation that has run into regulators is! Should sign up with us today shut them down on May 25,.. Question mark to learn the rest of the 23 were deleted and my credit score jumped 120,. Service on the market, the credit repair in a legally compliant manner their agents also depict purported success of! Example, through their CreditMyRent brand, Defendants claim to report consumers positive rental history TransUnion. Services are often paid using his credit card complaint at https: //www.courtlistener.com/docket/65753397/cofer-v-financial-education-services/, a bit more has. 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