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Credit Repair and Illegal Activities Tag

15 June 2023
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FTC Shuts Down Credit Repair Pyramid Scheme Financial Education Services, Which Bilked More Than $213 Million from Consumers

15 June 2023
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FTC Shuts Down Credit Repair Pyramid Scheme Financial Education Services, Which Bilked More Than $213 Million from Consumers Wide-ranging Operation Promises Easy Credit Fixes, But Provides Worthless Services and Pitches Pyramid Scheme Where Few, If Any, Make Money May 31, 2022 The Federal Trade Commission has taken action against Financial Education Services and its owners, Parimal Naik, Michael Toloff, Christopher Toloff and Gerald Thompson, as well as a number of related companies, for scamming consumers out of more than $213 million. In response to a complaint filed by the FTC, a federal court has temporarily shut down the sprawling bogus credit repair scheme....

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15 June 2023
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FTC says credit repair business doubled as a pyramid scheme

15 June 2023
Posted by Blog User
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FTC says credit repair business doubled as a pyramid scheme By Seena Gressin May 31, 2022 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 people’s credit scores with the offer of a bogus money-making opportunity selling credit repair services. In this latest case, the FTC says the supposed money-making opportunity was a pyramid scheme. The complaint alleges that Michigan-based Financial Education Services (FES), five related companies, and owners Parimal Naik, Michael Toloff, Christopher Toloff, and Gerald Thompson bilked consumers out of more than $213 million. At...

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17 May 2023
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What Are The Illegal Business Practices Some Credit Repair Companies Maybe Involved In?

17 May 2023
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What Are The Illegal Business Practices Some Credit Repair Companies Maybe Involved In? Introduction Credit repair has become a popular industry in recent years. With so many people struggling with debt and poor credit scores, it's no surprise that consumers are turning to credit repair companies for help. However, not all credit repair companies operate ethically. Some engage in illegal and unethical business practices that can harm consumers. Explanation of Credit Repair Credit repair refers to the process of improving a consumer's credit score by removing negative items from their credit report. This can be done by disputing inaccurate information,...

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17 May 2023
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Lexington Law and CreditRepair.com: Accused of Telemarketing Sales Rule Violations

17 May 2023
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Lexington Law and CreditRepair.com: Accused of Telemarketing Sales Rule Violations Introduction Telemarketing is a marketing strategy used by businesses to reach potential customers over the phone. However, telemarketers often cross the line between being persuasive and becoming aggressive, leading to several complaints from consumers. To protect consumers from such harassment, the Federal Trade Commission (FTC) created the Telemarketing Sales Rule. The Telemarketing Sales Rule (TSR) is a set of rules established in 1995 by the FTC to protect consumers from deceptive and abusive telemarketing practices. The rule applies to any person or company that makes or initiates telemarketing calls in...

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