IDFPR Takes Action Against Unlicensed Student Loan Relief Companies

CHICAGO – The Illinois Department of Financial and Professional Regulation has taken action against two companies accused of providing unlicensed student loan debt relief services in Illinois. Consulting Cafe LLC, doing business as Smartfile Services, was ordered to stop providing the services and provide $47,929.44 in restitution to consumers, along with a $50,000 penalty. Capital Core Advisors LLC was also ordered to stop unlicensed activity, provide $79,585.59 in restitution and pay a $318,000 fine if the order becomes final. IDFPR is warning borrowers to be cautious of companies that promise to quickly reduce or eliminate student loan debt, request personal financial information or use high pressure sales tactics. Consumers can check whether a company is licensed through IDFPR and file a complaint if they believe they have been targeted by an unlicensed provider.