Cole Financial, Inc. complaints

Complaint Experience

N/A

BCA's Summary and Analysis:

Complainants allege unfullfilled contracts, and misrepresentation of services. After accepting advance payments for services, the company allegedly fails to provide the credit repair services that customers are led to believe are possible. Most complainants request refunds. The company responds to some complaints by advising complainants that their debts must be paid in order to change credit reports. They contend if customers fail to participate by paying debts, it is not their responsibility. Refunds are generally not issued. One complaint is closed as unresolved, meaning the customer is not satisfied with teh company's response. Other complaints remain unanswered. The California Credit Services Act requires companies advertising credit repair services to register with the Attorney General, and to post a $100,000 bond. As of our last verification, on 11/25/2002, this company had not complied with State registration requirements. Even if the company was registered with the Attorney General, it is unlawful to collect fees before promised services are performed. By law, information stays on a credit report for 7 to 10 years. Negative information that is legitimate can only be removed with the cooperation of creditors. This usually involves paying the debt.

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