ED Magedson – Founder
Development Of The New World1940 Harrison Street Hollywood, Florida United States of America
This company claims to establish business credit. They say they can get a personal loan and also up to $250K in business loans. They run a preliminary report, tell you everything looks great..then take your money and produce absolutely zip.
The business credit is predicated on you establishing a C-corp...which of course they will handle.
Then, they will apply for a binch of credit cards with introductory cash advance rates. Whatever credit line they get for you will be reduced by their 10% finders fee. So ---if it all worked by their standards, you'd be left with 90% of the credit they "establish" for you. Then you'd be stuck owing 100% to the credit card company (in your coporate name)--and as soon as the introductory rate ran out, you're stuck with high interest rates and oh, by the way, the credit card company charges a 4-5% upfront fee anyway. Immediately then you are paying 15% on the money you borrow.
I was desperate at the time. I still told them no after they told me what the next steps were. They were supposed to get me a personal loan first. Once that fell through, I declined all the credit card applications they were going to put in for me. So---i'm only out the $700 credit application fee.
This report was posted on Ripoff Report on 12/10/2009 12:44 PM and is a permanent record located here: http://www.ripoffreport.com/r/Development-Of-The-New-World/Hollywood-Florida-333020/Development-Of-The-New-World-Daniel-Sheps-loan-scam-credit-establishment-scam-Hollywood-537270. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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