Washington State Department of Financial Institutions

Consumer Alert

Internet Alert: TransCredit Financial — Yet Another Advance Fee Loan Scam

July 26, 2005

TransCredit Financial advertises on the Internet claiming to provide home, auto and debt consolidation loans. After receiving approval for the loan, the consumer is asked to send an upfront fee by "money-gram" prior to getting any money. The upfront fee is sent to individuals in Vancouver or Calgary, Canada. Once TransCredit Financial receives the advance fee, it may ask for yet another fee, stating that the extra money is required because of the consumer’s credit rating. The consumer never gets the loan. This appears to be another Canadian advance fee loan scam.

The company’s website states that the company has been in business for over 10 years, however neither the Washington State Department of Revenue nor the Office of the Secretary of State shows that TransCredit Financial is authorized to do business in Washington State, and the company is not licensed by the Department of Financial Institutions to lend money in Washington. Although the website lists no address or telephone number, correspondence from the company shows a Bellevue, Washington address and a telephone number with the correct area code. TransCredit Financial has never been located at the stated address. Although the company’s stationery has the correct area code for the telephone number, the telephone is not answered. TransCredit Financial does not appear to have any presence in Washington, and the address and telephone number shown on the company’s stationery appear to be phony.

Victims should report their experiences to the Internet Fraud Complaint Center at www.ic3.gov.

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