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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4417
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Hi, I was googling for financial services help. Came across

Resolved Question:

Hi, I was googling for financial services help. Came across a company here in NYC. The "advisor" who calls themselves a "fundraising com pay" for companies and individuals told me to give him access to my credit report on creditchecktotal.com. My score is up to a about a 748 across all 3. He told me he will be "fundraising" me credit lines than suggesting only trusted sources from other clients for investment such as a townhome in Harlem that has too low of a FICO for the $200k home equity loan they need on this townhome for improvements such as a new roof. I would get 10% out of this equity loan. Then, he directed any credit lines that come to me via a credit union he named (which I looked up and is a real credit union) I must send him any invoices once I receive. I then asked if any purchases will be made on payment invoices his answer (copy & pasted from our emails "No, just send me payment invoice and nothing is charged you can close down whenever you like, it's just to raise lines of credit so that you look better for borrowing later on. Please do not go out and buy a car or make a large purchase when you receive your card in the mail and invoice."

I have asked many questions. He has never pressured me. Today, I open up my experian.com report and my score is still a 748 but shows 4 new hard inquiries I did not know about and my debt/ratio is way down (again, score has stayed the same at 748).

I asked a criminal fraud expert on here and she said to ask a finance expert to make sure. They were registered with NY Secretary of State a year ago and he was upfront also with saying they've only been in business for a year. I will send you company name and website address, etc, as well when you reply to the question.

I am very confused. Thanks! If you can shed some light on this for me, I will give you a $20 bonus. I tend to be a suspicious person when it comes to such things.
Submitted: 3 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 3 years ago.

rakhivasavada :

Dear Friend, Hello and welcome.

rakhivasavada :

Thank you for using Just Answer. Please remain online for a while as I prepare your reply.

rakhivasavada :

I read your question in detail and Irrespective of the name of the company, let me try and throw some light on this.

From what I understand from what you have detailed, these companies use your credit worthiness to help people borrow and use money whose own credit is not good to make them eligible. I do not know how they do it, but they pay you 10% of the money as remuneration. There is one more possibility that by doing some kindly of documentation from you, they may be raising their own lines of credit based on your credit worthiness and good score and might be lending this money again at hard rates to needy people who cannot borrow.

THIS IS THE REASON, that you see new hard queries on your credit. It must be certainly by the creditors / proposed creditors.

Without going into the detail, my very straight advice would be to STAY AWAY as any kind of default by anyone else can directly ruin your credit. There is no point in being lured by the 10% that is being offered.

MY ADVICE WOULD BE SIMPLY TO STAY AWAY FROM THIS. I see absolute lack of transparency and do not advice you going on this unconventional and novice route, which has been totally unheard of.


rakhivasavada :

You may leave positive rating if this helps. Alternatively, please feel absolutely free to revert with additional queries and I will be more than happy to keep assisting you.

Warm Regards,

Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4417
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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