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1st Line Credit & Financial Services

  715 inquiries |
Debt Relief Services - non-compliant with FTC Rule

601 South Brand Blvd., Suite #101
San Fernando, CA 91340
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(818) 838-1363

http://www.1stlinefinancial.co...

Company Rating

F

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Complaint Experience

N/A

Complaint Resolution Index (CRI)

Membership Information

This business is not a member of Business Consumer Alliance. This fact does not disparage the company in any way.

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Complaints and Resolutions

Complaint Experience

N/A

Complaint Resolution Index (CRI)

BCA's Summary and Analysis:

We have received no complaints against this company.

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Complaint Closing Statistics

0 complaints against 1st Line Credit & Financial Services closed in last 3 years.
Complaints Type of response
0 Making a full refund, as the consumer requested
0 Making a partial refund
0 Agreed to make an adjustment
0 Refusing to make an adjustment
0 Refuse to adjust, relying on terms of agreement
0 Unanswered

Other Information

Company Info

This company provides credit managment, credit restoration, debt analysis, consolidation and mediation services.

Primary Contact: Sarkis (Sam) Oganyan (Manager)
Business Started: 5/19/2006
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Licensing

California law requires bill paying services, and pro-raters accepting money from clients to be disbursed to creditors on behalf of the debtor, to be licensed by the California Department of Business Oversight and file a $25,000 bond.

To verify licensing, contact the California Department of Business Oversight (DBO) by writing to 1515 K Street, Suite 200 Sacramento, CA 95814-4052, by calling (916) 445-7205, (866) 275-2677 or (866) ASK CORP. Prorater licenses can be verified on-line, by accessing the DBO website at http://www.dbo.ca.gov.

For businesses outside of California, please check with the agency that regulates this industry.

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Government Actions

BCA has no information regarding government actions at this time.

Comments and Analysis

Companies who offer to improve or repair credit cannot request fees in advance of performing those services. 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 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.

Our experience with credit repair 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.

Our experience with debt negotiating companies, is that they attract heavily indebted clients by claiming to be able to settle the clients’ debts for far less than the amount owed and to stop creditors’ calls. They often claim, also, that their services are more effective than those provided by credit counseling services.

These companies usually instruct their clients to stop paying their creditors. Some companies direct them to make their payments to the debt negotiation company instead and promise, when the company has accumulated enough to offer a cash settlement to one or more creditors (which can take as long as two or three years), to pay off the debt. The debtor must pay fees to the service during the time the payments are accumulating.

Other companies simply collect the fees and advise debtors to save their money to pay their creditors themselves. California law limits the amount of fees debt negotiators can charge you, but by not collecting the money and distributing it to your creditors for you, companies can remove themselves from the limiting statutes and charge whatever they wish. What they are supposed to do for you while you’re saving up your money is to contact your creditors and inform them that they’re working with you, negotiate the amount to settle your debt, and ask them stop contacting you.

However the company operates, though, complainants allege that creditors continue to harass them, fees and interest continue to accumulate, the companies do not contact the creditors, creditors increase their collection efforts and sometimes sue for payment, the debtor’s credit is ruined, and they end up worse than before they contacted the service.
Debtors may not realize that if their creditors do accept a negotiated settlement, the amount forgiven constitutes taxable income.

Credit counselors perform services that include education and counseling and debt management, whereby they collect money from you and make monthly payments to your creditors. Credit counseling organizations are nonprofit organizations and are subject to limitations on what they can charge you. For example, if they make payments to your creditors of $300 in a month and may charge only the lesser of 8 percent or $35, their charge could be no more than $24.

Other Considerations

We know of no other matter or practice relating to this company that may assist you in your consideration of this company.

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Additional Info

DBAs:

1st Line Credit
1st Line Financial

Websites:
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Contacts:
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