By Mike Wayman
The New Jersey Attorney General recently indicted 11 different companies for mortgage and credit related fraud. One specific company under indictment was run by a two men, one a practicing attorney, that used a non-profit organization as a front in their efforts to drain their victims of cash. Allegedly the non-profit company charged fees up front for loan modifications, debt settlement and credit repair and failed to provide tangible results although they offered a 100% money back guarantee. The non-profit group set up a credit repair service that allegedly violated FTC rules and bilked over 40 people out of their savings.
Non profit organizations are designed to help people, not take their money. It’s doubly insulting that someone would set up a non profit for the purpose of victimizing people that are in the greatest need. WHile no one is guilty until proven so, it’s hard to read news like this and not wish for the alleged perpetrators to get very long jail sentences.
From Real Estate Rama New jersey:
In one of the two lawsuits, the defendants also are accused of violating federal law governing credit repair activity, and with founding a non-profit “financial advocacy council” solely to legitimize their fraudulent enterprises. The state has identified 42 homeowners victimized by the latest schemes.
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Like any other business, there are reputable companies and then there are the rip-off artists that give all the others a bad name. If you need the help of a reputable credit repair company check with the Ethical Credit Repair Alliance (ECRA) Consumer Watchdog
Is Finacial Hope for America one of those non-profit organizations?
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Margaret