Fake loan-matching site put consumers at risk

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Some scammers build and market websites that claim to offer loan-matching services. The sites convince people to share personal information, but instead of delivering help, the operators scoop up people’s information and sell it for their own profit. The FTC settled with one online operation that followed this pattern. Blue Global, LLC hosted dozens of “loan matching” websites that invited people to give detailed personal and financial information to be matched with a lender. The websites claimed to offer a secure online application, but the FTC says the websites didn’t protect information as promised. The sites also said the business would search for the lowest interest rate based on the person’s request. Instead, each loan application was sold to the first buyer, even if the buyer wasn’t even a lender, according to the FTC. In one period, the websites took 15 million applications, and only 2% were matched to a lender — and many of those people didn’t get a loan.

The company agreed to:

  • stop making misleading claims about its services, and
  • share a person’s sensitive information only after it checked-out a buyer and the person has given consent to have the information shared.

The FTC and the company also agreed to a court order restricting what the company tells consumers about its services, and who may receive loan applications.

If you get calls or emails from companies you don’t know, it might be because someone sold information you provided online. Before you fill out an online form or application, check out the company. You can search online for the company name plus the words “complaint” or “review.” Does the company explain how it will protect your information? Find out who will get your information before you share your Social Security number or financial details. If you’re thinking about an online payday loan, shop and compare offers from other kinds of lenders first. If you have trouble with business or your information and has been misused, tell the FTC.

Blog Topics: 
Money & Credit

Comments

I can only hope, those that were misused/stolen from, are granted the sum that was taken without permission. To even think/believe it is right to put such statements in contracts without fair/equal share is FRAUD. Great Job FTC!

Even I'm not an attorney and I called out "FRAUD!" before I saw comment posted above. I'll say "Ditto!" to Mr. Rocky Mountain Man, I've had my ID stolen off Gov. Works Web Page & they're paying 3 yrs. Insurance but I had benign brain surgery and not working, now I see I'm in Colorado? Stop this CRAP! Prosecute these loozers!

This reminds me of a recent telemarketer NoMoRobo has been bouncing from my land line: (206) 751-1364 is a fire department charity according to their recording. Unlike most scam callers who say press "1" to be removed from their call list, this one said added: please leave your name, full name and full address. Wow; I hope no one is dumb enough to fall for this crap.

I was scammed and I ended up losing my bank account.

Thank you. Very good post. They are now everywhere. Yesterday I accepted a cold call, thinking I would simply listen and get info. He offered a 3.99% card for balance transfer for a fee but NEVER mentioned that this fee would be pre-paid. $900!

I allowed him a cc w a hi line and he called back and approved me and took my address to send "info" which I assumed would be BEFORE the payment, a contract etc info. But no I was to pay him now w that hi limit card, without any evidence on his company. I began asking about his company and little info came up except this site that has no info at all. jnjconsulting. net

I believe the FTC should investigate but I will not submit a claim. I told him no and put an alert on my card.

This was truly a disappointment as I am a disabled writer who ex is a dead beat. I really could use consolidation.

I am proud of myself; I am learning to say no to the kind of offers and my FICO is rising. Thank you, np

hi has anyone ever heard of americanwestcommerce. com? they offer business loans/line of credit. They contacted me but now that I think about it I don't remember ever requesting anything from them and I wondered how they got my email, phone number, and some info. To apply the loan there is a $250 fee I have to pay upfront while they process my application and its approved guarantee. is this normal?

If a lender says you have to pay for an application, that's called an advance-fee loan.  The lender will get your money, but there's no guarantee you will get a loan. Read more about advance fee loans and related scams.

Fake cashiers check with the remitted name LARAE TERRY. Check is used for Mystery Shopper job with Walmart. They send $2970 and you by 4-$500 gift cards and make a report. Anyway, called the bank after checking out the internet. It's been going on several months. Scam.

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