• Report: #709548

Complaint Review: JKB Financial Inc.

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  • Submitted: Thu, March 24, 2011
  • Updated: Tue, July 05, 2011

  • Reported By: Angela — Clearfield Utah United States of America
JKB Financial Inc.
970 Reserve Dr Ste 160 Roseville, California United States of America

JKB Financial Inc. American Debt Solutions scam letter, hardship program, credit card renegotiation Roseville, California

*Author of original report: Response to Find123

*Author of original report: Response to Find123

*Consumer Comment: What I found on this report

*Author of original report: Doing Business As

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This company sends solicitations promising to provide a "government monitored hardship program" that "does not adversely affect your credit." They cite the Credit Card Accountability Responsibility and Disclosure Act of 2009 as the basis for their program.

This is a lie. The only government monitoring they receive is the same as any other company. Their website reveals that they are a financial negotiation broker. They entice people to call, and then they refer you to their clients.

They cannot guarantee this won't affect your credit. Quite the contrary. Moat debt negotiation programs will reduce your credit score. You can do the same thing as this company by calling your credit cards, explaining your situation, and asking for a rate reduction. The credit cards will be closed and the companies will work with you.

The address in Washington DC that they use for credibility (1718 M St., NW #198 Washington DC 20036) is a UPS Store/Mail Boxes Etc mail drop, as you can see here: http://www.superpages.com/bp/Washington-DC/The-UPS-Store-Mail-Boxes-Etc-L0004395969.htm

The BBB has an entry for them as well: http://www.bbb.org/northeast-california/business-reviews/sales-and-marketing-of-financial-services/jkb-financial-in-roseville-ca-47014107

They are rated A+. Don't believe them. If they have sent you garbage, leave them a complaint so that the BBB rating accurately reflects their business practices.

This report was posted on Ripoff Report on 03/24/2011 06:44 AM and is a permanent record located here: http://www.ripoffreport.com/r/JKB-Financial-Inc/Roseville-California-95678/JKB-Financial-Inc-American-Debt-Solutions-scam-letter-hardship-program-credit-card-rene-709548. 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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REBUTTALS & REPLIES:
3Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Response to Find123

AUTHOR: Angela - (United States of America)

Thank you for your research, Find123. However, the information you received from Experian doesn't negate my report.

1. In the letter I received, the company promised to reduce debt. This falls under debt negotiation. As Experian said in the letter they sent you, "When you settle a debt for less than originally agreed, there will almost always be a negative impact on your credit scores, whether you negotiate directly with your lenders or a credit counseling agency does so on your behalf." So their claim that their program will not adversely affect credit is patently false.

2. Through research on the company, I determined that they do not offer credit counseling OR debt negotiation. Rather, they are a financial negotiation broker who refers their clients to external programs. They are not government monitored under the cited Act (that particular law does not provide for government monitoring), nor can they guarantee no adverse credit impact as they do not provide the programs.

I attempted to file a complaint with the BBB, but I received a reply stating that they couldn't process my complaint. They did not offer a clear reason why not, and I never received an answer when I asked for clarification. It could be that, as you say, the BBB only accepts complaints from actual customers, and I was concerned with the company's misleading advertising.

And no, I'm not a competitor. I'm just a plain, ordinary consumer who doesn't want to see people get ripped off. If you'd like to see the full text of my communication with the BBB, I'd be happy to post it.
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#2 Author of original report

Response to Find123

AUTHOR: Angela - (United States of America)

Thank you for your research, Find123. However, the information you received from Experian doesn't negate my report.

1. In the letter I received, the company promised to reduce debt. This falls under debt negotiation. As Experian said in the letter they sent you, "When you settle a debt for less than originally agreed, there will almost always be a negative impact on your credit scores, whether you negotiate directly with your lenders or a credit counseling agency does so on your behalf." So their claim that their program will not adversely affect credit is patently false.

2. Through research on the company, I determined that they do not offer credit counseling OR debt negotiation. Rather, they are a financial negotiation broker who refers their clients to external programs. They are not government monitored under the cited Act (that particular law does not provide for government monitoring), nor can they guarantee no adverse credit impact as they do not provide the programs.

I attempted to file a complaint with the BBB, but I received a reply stating that they couldn't process my complaint. They did not offer a clear reason why not, and I never received an answer when I asked for clarification. It could be that, as you say, the BBB only accepts complaints from actual customers, and I was concerned with the company's misleading advertising.

And no, I'm not a competitor. I'm just a plain, ordinary consumer who doesn't want to see people get ripped off. If you'd like to see the full text of my communication with the BBB, I'd be happy to post it.
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#3 Consumer Comment

What I found on this report

AUTHOR: Find123 - (USA)

I looked up this information on Experian.com . I typed in search as to claim that this program wouldnt affect your credit score. Here's what the experts said:

Dear Experian,
How does credit counseling affect credit scores, and will credit counseling result in damage to one's credit report or score?
- AKN

Dear AKN,
Participating in credit counseling does not affect credit scores directly. A good credit counseling organization will provide budgeting and financial management education, which will help you gain control of your credit and keep it under control in the future. Participation in such classes will not appear on your credit report.
Only when a debt is repaid through a debt management plan will there be any indication of credit counseling on your credit report, and even then it might not impact your credit scores in any way.
A debt management plan involves the credit counseling agency negotiating lower interest rates or reduced repayment amounts with your lenders.
A comment may be added to the accounts in your credit report that are being repaid through a credit counseling program or debt management plan. So, lenders may see that fact. However, that comment wont affect credit scores.
The payment status of the account will determine whether or not your credit scores are affected. A lender may report the account as being current and paid in full. If so, there will be no negative impact on your credit scores.
The lender also may report the account as settled, meaning paid for less than originally agreed. When you settle a debt for less than originally agreed, there will almost always be a negative impact on your credit scores, whether you negotiate directly with your lenders or a credit counseling agency does so on your behalf.
It is also very important to make sure the account payments are kept current during the transition to the debt management plan. Make sure that you understand when the credit counseling agency will begin to make payments on your behalf.
You need to be sure that no payments are missed between the time you enter the plan and the time the credit counseling agency starts making the payments. You may need to make a payment or two before payments begin to be made by the credit counseling agency.
Please avoid credit repair firms that claim they can fix your credit overnight, or that they can get accurate negative information removed from your credit report for a fee.
Also be cautious about organizations that only want to enroll you in a debt management plan. A good credit counseling agency will provide financial management education and will only suggest you enter a debt management plan if it is necessary.
Thanks for asking.
- The "Ask Experian" team

You can look for yourself at this link:

http://www.experian.com/ask-experian/20080625-the-impact-of-credit-counseling-on-credit-scores.html

I also called the BBB to check their status and they are in fact A+ rated. They have 3 complaints in the last 3 years. I asked BBB about the complaint protocol and they told me that unless you have done business and something has gone wrong you cant file a complaint.
Seems like a competitor posted this to slander this company.
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#4 Author of original report

Doing Business As

AUTHOR: Angela - (United States of America)

I neglected to list all their "doing business as" (DBA) names:

JKB Financial Inc
American Debt Solutions
US Debt Relief Center
US Financial Solutions
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