100083759
BBB file opened: 6/17/2009
Business started: 4/8/2009
Licensing
As of our last verification on July 28, 2009 we verified that this company is not registered with the California Attorney General's Office as a Credit Services Organization or a Seller Assisted Marketing Plan.
To verify registration and bonding, contact the California Attorney General by writing to; DOJ. Att. Public Inquiry Unit, P O Box 944255, Sacramento, Ca. 94244, by calling (916) 322-3360, faxing 916-323-5341, or visit their website at www.ag.ca.gov.
California law requires companies offering these plans to register with the California Attorney General. If the seller makes such representations, he/she must obtain a bond in an amount ranging from $50,000 to $300,000 or deposit the same amount of money into a trust account.
California law requires that companies advertising or offering to improve your credit record, history, or rating must be registered with the California Attorney General's Office as a Credit Services Organization and post a $100,000 bond.
Contact Information
Pedro Vargas - President
Business Category
Credit Repair Services - Advance Fee
Alternate Web Sites
Industry Tips
Our experience with similar offers is that they advertise various credit services which they claim are designed to provide assistance to consumers with poor credit histories to improve their rating by removing negative items or creating a new credit file.
However, clients of these types of offers generally complain that their credit histories do not improve, that they are unable to contact the company making the offer, and ultimately that refunds for failing to provide the promised services are not provided.
By law, information stays on your credit report for seven to 10 years. Accurate negative information can only be removed by with cooperation of your creditors, and this usually involves paying all or some of the debt. If you believe your credit report contains erroneous information, you may dispute the entry by calling or writing the the credit reporting agency. While in dispute, the negative item may be removed temporarily from your report, however it will be added on again if determined to be valid.
According to California Law, it is unlawful for any entity offering to improve or repair your credit to charge fees in advance of performing those services, even if properly registred and bonded with the California Attorney General's Office.
California Law requires Foreclosure consultants to be registered with the Department of Justice and bonded, to check for registration visit http://ag.ca.gov/loanmod/search_results.php. If they are not, they are subject to criminal prosecution. Homeowners should know that, by law, they have five business days after the date of the transaction to cancel for any reason, with no penalty or obligation. If your contract does not inform you of this, you may cancel it at any time.
California law generally prohibits collecting money before completing loan modification. Exceptions are licensed law firms (that is, bona fide law firms, not just a firm claiming to have attorneys on staff) and real estate brokers who have registered their agreements with the California Department of Real Estate. You can find a list of those with registered agreements at http://www.dre.ca.gov/mlb_adv_fees_list.htm.
We advise you not to rely solely on registration or licensing to determine the reliability of a loan modification company, though. Despite the law’s protections, if you are not dealing with a reputable company, you will find it difficult to enforce your rights. You should investigate the background and worthiness of any company offering to provide you with these services.