Advertiser Disclosure

Borrower Beware: Consumer Financial Resources LLC

Loans, Student Loans

This company is on the NerdWallet Student Loan Watch List. The list flags student-loan businesses and individuals hit by enforcement actions, court judgments or liens, or bad ratings from the Better Business Bureau. Learn more in Who Gets Listed. Have you dealt with this business, or encountered a suspicious student-loan company that NerdWallet public interest reporters should investigate? Let us know at watchlist@nerdwallet.com.

The Illinois attorney general filed a lawsuit in 2015 against Consumer Financial Resources LLC, which does business under the name Student Loan Resolve, as part of a state crackdown on student debt adjusters.

The Texas company’s business practices violate the state’s Consumer Fraud and Deceptive Business Practices Act and the Debt Settlement Consumer Protection Act, the attorney general alleged in the suit filed in Sangamon County Circuit Court.

Enforcement actions: The Illinois attorney general sought a minimum of $100,000 for the violations, as well as restitution to Illinois consumers equating to all fees paid to the company, the voiding of contracts with all Illinois consumers, and payment of attorney fees.

What the company claims to provide: Document preparation services for consolidation of federal loans

Website: http://www.getcfr.com

Based: Plano, Texas

Management: Scott Freda, owner and managing member. Freda also owned and operated Champion Marketing Solutions LLC, Empire Elite Partners LLC, Empire Sports Travel LLC and US Financial Resolve LLC. He also operated American Financial Concepts LLC and America’s Credit Resolve LLC, both of which are defunct.

Sources: Sangamon County Circuit Court, Illinois attorney general, Texas business filings