Credit Improvement Warning

Better Business Bureau serving Nebraska, South Dakota and
southwest Iowa is issuing a national alert about Consumer Financial Advisory Board, LLC (CFAB) located in Clearwater, Florida.

Representatives from this company are calling consumers across the country claiming that CFAB can
save them money on the interest they pay on their credit cards.

A consumer from Omaha, NE reported to BBB that he had received an
unsolicited call from CFBA offering to negotiate with his credit card companies
to obtain reduced interest rates for a fee. Because this consumer had
recently been notified by his credit card company that the interest on his card was being raised, he was interested in what CFAB could do to get his rate lowered.

The CFAB representative told the consumer that for a fee of $895 they would make arrangements with his credit card company to maintain the amount of his current minimum payment. They further stated that his future payments
would be applied entirely to the principal, and he would incur no future
interest charges. In addition, he was promised he would immediately save $1,200 or his $895 would be refunded.

The consumer accepted the offer and gave CFAB his credit card number. According to the consumer, His credit card was charged $895 two times on
one day for a total of $1,790. The consumer additionally stated that the next day the company tried twice to transfer cash via Western Union, using his credit card. Luckily, the consumer's credit card company would not allow the wire transfers and contacted the consumer who told BBB, "At the time these charges occurred, if they had all gone through, I would have almost maxed
out my line of credit."

According to BBB complaints, CFAB is failing to uphold money-back
guarantees and is not refunding money in cases where they are unsuccessful in lowering rates. Based on BBB files, CFAB has a rating of "F" and has had 196 complaints filed against them over the last three years.

Seventy-five complaints have not been resolved and these customers are still waiting for their refunds. Calls from BBB to CFAB regarding the Omaha complainant have not been returned.


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