CONTACT

Jenna Davis/Communications Director
Better Business Bureau of Southern Colorado
Telephone: 719/636-5076 Ext.118
Fax 719/636-5078
Email: jennad@bbbsc.org

Advanced Fee Loan Company Poses as Credit Union Scamming Hundreds Across Nation!

Consumers in the Southern Colorado area continue to contact the BBB concerning a company advertising in local papers as Heartland Credit Union. The company illegally offers advanced fee, low interest loans to consumers with little or bad credit. One consumer told the BBB she sent over $900 via Western Union today to a phone number in Toronto, Ontario: 416-837-1367. What confused the consumer is that the address listed for the Credit Union is in New York. The New York State Banking Department, New York Senator, Hugh Farley, the Missouri Division of Credit Unions and Better Business Bureaus throughout the nation have issued warnings to watch out for advertisements placed by Heartland Credit Union. Heartland Credit Union is a fake credit union and is not authorized to do banking business in New York. Also, be aware that advanced fee loans (Example: bank representative tells you to pay “insurance” ahead of time to secure or guarantee the loan) are illegal in many states , including Colorado. “This company has been scamming people for at least a year and a half now,” said a phone operator from the National Credit Union Administration’s fraud hotline. “They’ve changed their name four times. Their first name was Century Credit Union.”

The Better Business Bureau offers the following tips if you get involved with an advanced fee loan company:

• Before you wire or send any money to a company asking you to pay up front for a loan, call the BBB at 719-636-1155 for a report and more information.
• If you’ve already sent money, find out if there is a way to stop it from being cashed or claimed. In the case mentioned above, the consumer went down to the Western Union office immediately and was able to stop the transaction. While this is rare, it is worth a try.
• In most cases, the company doesn’t just want your money; they also want your personal information. Don’t give it out! If you already have, be sure to call the three main credit reporting agencies right away and ask to place a fraud alert on your account. Their contact info is as follows: Equifax 800-525-6285, Experian 888-397-3742, and TransUnion 800-680-7289.
• If you find the company you’ve talked to or sent your money to is located in Toronto, Ontario, email Phonebusters at info@phonebusters.com or call them at 888-495-8501. Also report any suspicious activity concerning national credit unions to their fraud hotline at 800-827-9650.

Find other articles posted on this scam at the following links:

• http://washington.bizjournals.com/albany/stories/2004/05/17/daily29.html
• http://www.bizjournals.com/stlouis/stories/2004/05/03/daily65.html?jst=s_rs_hl
• http://www.banking.state.ny.us/wb040514.htm

*** Newspapers in Southern Colorado have been notified to watch for ads placed by Heartland Credit Union.

“It’s Just Good Business!”