Consumer complaint received 2020-02-04
Company: Americor Funding, LLC
State: NY
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Problem with a credit reporting company's investigation into an existing problem
Sub-issue: Difficulty submitting a dispute or getting information about a dispute over the phone

Complaint:
Please see the attached letter submitted with Americor and Credit 9. This letter clarifies all of my grievances with Americor funding including but not limited to improper explanation of the lending process, improper explanation of how my credit score would be affected as well as repaired, improper information on how this debt consolidation lender would handle my case.

While I truly appreciate your professionalism I strongly feel that the program offered by Americor is a deep rooted predatory scam preying on the desperation of it's ill informed clients that includes clear bait-and-switch tactics as well as blatent and egregious misrepresentations brought across by the agents that enrolled me into Americor 's program.

The first issue I encountered by Americor is the targeting of new members through written marketing materials followed by a call with a trained professional that verbally promises a 0 % interest rate loan would be provided for 12-18 months from the time of the loan 's initiation date which was made to sound as a guarantee and works quite effectively at enrolling new clients. As per my conversation with Credit 9 they let me know that that 0 % interest is absolutely non-existent and actually stands at 16 % for New York which according to our conversation is the lowest rate you have seen. This is the first tactic that is incredibly deceptive and violated my rights as a consumer.

The next issue is the guarantee by Americor 's agents of : " once debt to the 5 creditors enrolled in Americor 's program has been negotiated and paid in full, since Americor is a lending company not a debt consolidation company '' ( my debt advisor 's words on a recorded conversation ) the IRS would never receive a 1099 from the debtor for income earned. I repeatedly asked if she was certain of this and she repeatedly told me not to worry. There would NEVER be a tax form sent by the creditors because the loan would pay them back and no debt is consolidated thereby no income was earned. This again is blatantly deceptive by the Americor representatives as I just received a 1099 form from two of the creditors that have been paid with the Credit 9 loan. In addition, you have advised me during today 's conversation that this was a stipulation in the agreement that I signed with Americor which of course I had not read all the details in full as the advisor and another party read off the contents of the contract they deemed important and I was rushed through the e-sign process by my advisor. I was under the impression that both conversations should be archived as it was told to me that the conversations were being recorded.

My third concern is regarding a false promise made by Americor in regards to getting my credit fully back to where it started after a year of enrollment into this program. This is a MAJOR reason I entered into Americor 's program to begin with. I was promised by their representatives that as long as I followed the program 's guidelines my credit which was above 740 when I first entered this program would be repaired by paying off the creditors in full. Now my score is XXXX which deeply affects my ability to persue job opportunities, starting a family and other major factors determining my and my family 's future. 


In addition XXXX XXXX, XXXX and XXXX XXXX all either significantly dropped my line of credit or in XXXX 's case closed my line of credit in its entirety while still holding me to the balance owed. 


I was assured by my advisor that once I receive my loan from Credit 9 that all RAM payments to Americor made on time ( which they all were as I have been perfect with my payments ) and all of the debts settled ( 4 out of 5 enrolled accounts have been settled in full in XX/XX/2019 XXXX would reflect on my credit report by the middle of XXXX. 


Thus far no improvement has been shown on my XXXX, XXXX, or XXXX  reports and my FICO score is still in shambles. 


Lastly, Americor also promised a debt adviser would reach out to me every few months to go over the state of my finances. It has been almost 6 months with no follow up.

I'm beyond upset at the unbelievable level of illegal and aggressive predatory practices blatantly and callously engaged by Americor 's representatives and will be persuing this matter with the XXXX, legal  representation in pursuit of a class action lawsuit and via every channel of media available to me to expose the falsehoods promised by Americor unless a expedited remedy is brought by either Credit9 or Americor to follow through and take accountability for the promises made by your representatives.

Should a immediate resolution fail to be met, I am formally requesting a copy of each phone conversation 's recording between myself and Americor 's representatives in addition to copies of any and all documents, and marketing materials sent to my residence : XXXX XXXX XXXX, XXXX, Ny, XXXX as well as any additional documentation or contract I was baited into signing by the false nature of each promise.

Please feel free to contact me by phone or email should you have any information that may remedy the mess created by false promises from a team that were supposed to help not hurt me. 


Best Regards, XXXX XXXX XXXX ( XXXX ) XXXX CC : XXXX XXXX Show more

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation