TransAm Financial Services

Victim Location 91711

Total money lost $6,996.25

Type of a scam Fake Invoice/Supplier Bill

This company markets their ‘services’ to unsuspecting truckers like me. Then, they file UCC records so that all financial transactions are required to be submitted directly to them. They lend out money based on invoices that they receive. Then they are negligent in collecting on those invoices and when they reach 60 days, they perform a ‘chargeback’, deducting the money from a ‘reserve’ account. Then, when this reserve account goes negative as a result, they offer to loan money AT INTEREST so that they can PAY THEMSELVES BACK. This is a trap and should be avoided by any potential client. BBB, please take action to prevent consumers from making the same mistake that I did.