Washington State Department of Financial Institutions

Consumer Alert:
Platinum Acceptance Corp.

Unlicensed Loan Modifications

March 07, 2012

Platinum Acceptance Corp was reported to be offering to provide loan modification services to consumers for an up-front fee. This company is not licensed by the Washington State Department of Financial Institutions (DFI), or registered to do business in Washington by either the Department of Revenue or the Washington Secretary of State.

Platinum Acceptance Corp has been associated the following addresses: 801 East Chapman Avenue, Ste 218, Fullerton, CA 92831 and 1136 East Chestnut Avenue, Santa Ana, CA 92701. This company has also been associated with the following telephone numbers: 1-866-977-3732 and 1-800-280-7424.

Loan Modification Services - Upfront Fees

Washington State law requires all individuals and companies providing third-party loan modification services to Washington residents be licensed by DFI. Additionally, the Federal Trade Commission’s Mortgage Assistance Relief Services (MARS) Rule prohibits entities from requiring upfront fees prior to performing loan modification services.

Verify Licenses

DFI strongly recommends that residents verify the license of any lender with which they consider doing business with. Consumers are urged to verify licensing status prior to giving the lender nonpublic personal information, such as social security number and checking account access. You can verify a license with DFI at www.dfi.wa.gov or by calling 1.877.RING DFI (746-4334).

Report Violators

If you feel you are in immediate danger contact local law enforcement.

If you are suspicious of unlicensed activity by a mortgage broker or loan originator please contact DFI at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.

If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov.

If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.

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