“Bad credit? No problem!” “Get a new computer with no credit check.” Consumers with low income or poor credit often find themselves the victim of scams. Their need or desire for something they can’t afford makes them vulnerable to promises of instant credit without the hassle of a credit check.
Blue Hippo Funding LLC, Blue Hippo Capital, LLC and Joseph Rensin, owner and CEO of both companies, provide a financial service that offers computers and other merchandise via a hybrid layaway and installment financing plan aimed at low income consumers and those with poor credit ratings.
Blue Hippo has been known to advertise on television and radio to consumers nationwide.
Despite settlements with both the Maryland Attorney General’s office and the Federal Trade Commission, Blue Hippo continues to draw complaints. The BBB in Baltimore, MD opened over 1,700 complaints in the last twelve months. They’ve processed 108 complaints from consumers in Texas.
Consumer complaints relate to advertising, billing and collections, and refund and exchange issues. Blue Hippo holds an “F” rating with BBB due to the number of complaints dating back to 2003.
The settlement between the Office of the Maryland Attorney General and Blue Hippo, states, "Blue Hippo and Rensin agreed to: disclose all materials terms and conditions regarding transactions including pricing, financing, delivery, customer default, quality/features of items offered for sale, free/promotional items and any rights consumers are purportedly waiving before entering into agreements that purport to bind consumers; provide Maryland customers with written, signed agreements setting forth all of the material terms of the sale before they take any payments from the customer; allow customers to cancel their orders and to receive refunds when required by Maryland lending laws; and stop charging Maryland consumers illegal late fees and comply with the Maryland Merchandise Delivery Law." Blue Hippo denied that it engaged in an unfair or deceptive trade practices or otherwise violated the law, but agreed to the terms of the settlement.
The Federal Trade Commission settled charges up to $5 million against Blue Hippo because of alleged infringements with the FTC's Mail Order Rule, Truth in Lending Act, and Electronic Fund Transfer Act.
Consumers with complaints against Blue Hippo should contact their local BBB office and the Federal Trade Commission at 877-382-4357 or www.ftc.gov.
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