Legacy Solutions is NOT the Solution!
Advance fee loan offer is a scam
[June 18, 2011- Nashville, TN] Businesses interested in securing a loan should be on the look out for a scam operation called Legacy Solutions. The company claims to have the solution for businesses interested in expanding their operations, making purchases, refinances, or for projects worldwide, but BBB warns businesses that this offer is a scam.
Supposedly located at 2277 Wilma Rudolph Blvd in Clarksville, TN, Legacy Solutions claims they can provide interested borrowers with loans ranging from $100,000 to $500 billion. All that's needed to get the ball rolling is a "preliminary underwriting expense deposit" ranging from $4,500 to $75,000 which needs to be wired to Legacy Solution's bank account before the loan can be approved. These scammers have even gone so far as to include a list of supposed client references with whom Legacy Solutions had previously provided funding for such projects.
BBB contacted several of the businesses listed as references and was informed that they had never heard of Legacy Solutions and had not obtained any loans from this firm. BBB also verified that the address this company claims to be located at in Clarksville is nothing more than a UPS Store location, and that this company is not properly licensed to offer loans.
"Advance fee loans are against the law. You should never pay up front fees to obtain a business loan," says BBB President and CEO, Kathleen Calligan. It is the position of BBB that Legacy Solutions only intent with this offer is to disappear with the money wired from interested borrowers.
Business consumers who have provided this company with personally identifying information should immediately file a fraud report with the police department and contact the three major credit bureaus (Transunion, Equifax & Experian) to place an identity theft alert on their credit report. If you have wired money for a loan with this company, please file a complaint with BBB by visiting our website at www.Nashville.BBB.org, and file a police report.
BBB offers the following general advice when considering responding to ads that offer easy credit or loans:
- Legitimate lenders never "guarantee" or say that you are likely to get a loan or credit card BEFORE you apply, especially if you have bad credit, no credit, or have filed bankruptcy.
- If you are applying for a real estate loan, it is accepted and common practice to be asked to pay for a credit report or appraisal. However, legitimate lenders will never ask you to pay for processing your application, ask you to pay taxes, or ask for "collateral."
- Never give your credit card account number, bank account information, or Social Security number over the telephone unless you are familiar with the company and know why the information is necessary.
- If you do not have the offer confirmed in writing, and you are asked to pay, hang up. In most cases, advance fee loan companies simply pocket your money and disappear.
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