LAWSUITS NEWS & LEGAL INFORMATION
Home Buyers Consulting Network, Inc. agrees to $613,000 settlement in federal laws violation dispute.
Washington, DC: (May-28-08) The Federal Trade Commission, along with the North Carolina Department of Justice, Office of the Attorney General, and the Better Business Bureau Serving Eastern North Carolina, brought charges against Home Buyers Consulting Network, Inc. (HBCN), alleging that the home-buying consulting business that offers credit repair and home-buying consulting services violated federal laws.
The lawsuit claimed that the business illegally charged customers an advance fee for credit repair and falsely claiming that they can remove negative information from consumers' credit reports, even if the information is accurate and timely. The suit stated that the Raleigh, NC, based company engaged in the fraudulent practice through its Web sites and by a company that sells lists of foreclosed properties and suggests that its customers call HBCN if they need credit repair or access to zero or low down-payment home financing.
As part of a settlement reached, the federal agencies imposed a $573,000 civil penalty and a $40,000 monetary judgment, which sources stated will be suspended on the payment of $10,000.The full civil penalty and judgment amounts will be imposed if the defendants are found to have misrepresented their financial condition. The settlement also contains standard record-keeping provisions to allow the FTC to monitor compliance with its order. Additionally, the deal stated that the defendants are barred from further CROA violations, and from further misrepresentations affecting a consumer's decision to buy anything from them, including credit repair services.
Search for: FTC Nabs Company for Credit Repair Violations
Published on Jun-3-08
The lawsuit claimed that the business illegally charged customers an advance fee for credit repair and falsely claiming that they can remove negative information from consumers' credit reports, even if the information is accurate and timely. The suit stated that the Raleigh, NC, based company engaged in the fraudulent practice through its Web sites and by a company that sells lists of foreclosed properties and suggests that its customers call HBCN if they need credit repair or access to zero or low down-payment home financing.
As part of a settlement reached, the federal agencies imposed a $573,000 civil penalty and a $40,000 monetary judgment, which sources stated will be suspended on the payment of $10,000.The full civil penalty and judgment amounts will be imposed if the defendants are found to have misrepresented their financial condition. The settlement also contains standard record-keeping provisions to allow the FTC to monitor compliance with its order. Additionally, the deal stated that the defendants are barred from further CROA violations, and from further misrepresentations affecting a consumer's decision to buy anything from them, including credit repair services.
Home Buyers Consulting Network, Inc. in the News
[ORIGINATOR TIMES: Home Buyers Consulting Network, Inc.]Search for: FTC Nabs Company for Credit Repair Violations
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