Business ProfileforFinancial Education Services
Current Alerts For This Business
BBB reports on known significant government actions involving business' marketplace conduct.
On July 19, 2019, the State of Georgia's Attorney General announced a settlement with Financial Education Services, Inc. (FES) and its owners Michael Toloff and Parimal Naik. This news comes after Georgia's Attorney General alleges FES to be running a questionable operation for a credit repair business. Allegations include:
• Use of unlawful and deceptive practices, which is in violation to Georgia's Fair Business Practices Act.
• Misleading consumers and circumventing state and federal credit repair laws by affiliating with a non-profit organization called United Credit Education Services.
• Requesting and accepting consumer payments for its credit repair services before service and/or performance was received.
• Selling credit repair products through a multi-level marketing scheme, which is in violation of Georgia's Multilevel Distribution Companies Act.
This business and its owners have voluntarily agreed to pay one million dollars towards civil penalties. If found in violation over the next three years of any terms of the settlement, FES would be held liable for an additional $750,000 penalty. Georgia's Attorney General has enforced strict guidelines to ensure the company mandates compliance with independent agents pay structure, revision of training and marketing materials and execution of FES' disciplinarian program if any agent is in violation. This resolution was for settlement purposes only and should not be considered as an admission of guilt or finding of the violation of the law. For more details go to https://law.georgia.gov/press-releases/2019-07-19/carr-illegal-credit-repair-operation-pay-1m-penalty.
At-a-glance
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Business Details
- Location of This Business
- 37735 Enterprise Ct., Ste. 600, Farmington Hills, MI 48331-3426
- BBB File Opened:
- 4/8/2005
- Years in Business:
- 19
- Business Started:
- 4/8/2005
- Business Incorporated:
- 4/8/2005
- Type of Entity:
- Corporation
- Business Management
- Mr. Parimal Naik, President
- Additional Contact Information
Fax Numbers
- (734) 943-5997Primary Fax
Website Addresses
- (734) 943-5997
Customer Complaints
0 Customer Complaints
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