I ran across some Financial Education Services reviews online while looking at the different ways to earn money working from home. It seems that there were a lot of people promoting this MLM business opportunity and doing FES Protection Plan reviews with most coming in positive. Most claiming to have used the credit repair services that they offer then joining as an agent.
I was curious to know how the compensation plan was set up and whether or not you could make a full time income promoting FES.
Is it a scam or a legit business opportunity? Let’s review.
On a side note, once I found their website I noticed a red flag. For the average person that might not be familiar with these types of businesses, this could go unnoticed. More on this scheme later.
- What Is Financial Education Services
- FES Business Opportunity
- How To Make Money With Financial Education Services & Compensation Plan
- The Credit Repair Industry
- What About All The FES Protection Plan Reviews
- Is Financial Education Services A Scam
- Is Financial Education Services A Pyramid Scam
- Should I Become A Representative
- Reality of the Representatives Making Money
- Can You Trust All The FES Reviews
- Pros and Cons
- Final Thoughts
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What Is Financial Education Services
At first glance their website (www.financialeducationservices.com) shows that they offer services that will help someone with bad credit turn things around.
In other words they are a credit repair service. Along with that they offer a way to make money promoting their services to others using the MLM business model.
If you had the right training, then this would be a good industry to promote. There are millions of people that have bad credit and need help fixing it.
The Financial Education Services product offering consists of a group of products that all compliment each other as shown below:
- Credit Education
- Smart Credit
- Credit Builder
- Discounts on prescriptions and travel
There are more as well, but my focus for this review is on the business opportunity itself and not the actual credit repair service.
FES Business Opportunity
So lets dig into the Financial Education Services credit repair business opportunity to see what its about?
In order to get started selling the credit repair services, you must first enroll in the FES Protection Plan. In order to do this, you must call the company and they will refer you to a local independent representative.
Once you get everything squared away you will end up paying $89 per month for the opportunity to market the Financial Education Services credit repair products.
So this isn’t the type of business that you sign up for and then forget about. If your ok with being charged $89 per month, then you better make a good effort to sell the credit repair services.
How To Make Money With Financial Education Services & Compensation Plan
Now for the moment you have been waiting for, how much money can you make with this opportunity selling credit repair services?
The image below shows what can be made by signing others up as well as your commissions on their down line.
If you already had a business that was in the credit repair niche or related to it, then you could make some decent money with this opportunity.
If your a newbie just trying to get started it will be difficult to have success with this without the proper training.
The Credit Repair Industry
Now that you have got a look at the Financial Education Services opportunity, I thought that I would get a closer look at the industry of credit repair itself.
Over all the reputation is not very positive to say the least.
The National Credit Repair Association has a good article about credit repair companies and the relevance in the industry.
We’ve Never Seen A Legitimate Credit Repair Agency
That was the exact quote from the Federal Trade Commission’s Chicago office.
Those are some pretty harsh words!
What About All The FES Protection Plan Reviews
There are a lot of people doing reviews on FES and many of them stating that they have used the service to restore their credit.
There is definitely a problem in this country with people spending more than they make so I can see why these credit repair agencies are thriving.
So are these actual customers that used Financial Education Services or are they just doing positive FES protection plan reviews so that they can sell the service to others and make money?
That is the question!
Is Financial Education Services A Scam
Originally I wasn’t going to call FES a scam, but after reading what the NCRA had to say about credit repair agencies, it started me wondering.
Would FES be considered a scam because they are charging people for doing the things that they could very well do on their own for free to fix their credit?
They do provide a an actual service, but maybe the government thinks they are gouging people with the costs?
This leads to my next question.
Is Financial Education Services A Pyramid Scam
In order to be considered a pyramid scheme, FES would need to be making its money from the recruitment of independent representatives.
Is that the case here?
Looking at their homepage below, it might be mis-construed that they are trying to recruit new members making it look like a pyramid scheme?
Even though they are supposed to be a credit repair company, they do have mention of the business opportunity right on the front page of their website.
If the main focus was helping people rebuild their credit, I would think that recruiting would be on inner pages of the site?
Should I Become A Representative
I can see a couple reasons why you might want to become a Financial Education Services representative.
- You might need to fix your credit and want to earn some money at the same time with their business opportunity.
- You already have an existing business that could refer people and it would be an easy thing to do for you.
If your a newbie trying to get started with your first online business, there are easier niches to jump into. The credit repair niche has a lot of experienced marketers that can funnel traffic to the opportunity and make money with it.
There are easier ways to start an online business with less competition to worry about in my opinion.
Reality of the Representatives Making Money
If your wondering how much money Financial Education Services agents make, then look no further that the disclosure statement.
It doesn’t paint an overall good picture for most of the people that joined the program.
Looking at the statement above it shows that the majority of the agents 32,456 of them barely made an money in 2016.
Plus they only lasted an average of 3 months in the business.
Of the 32,456 agents in that top group, most likely there were only a handful that made a larger portion of the money, while some didn’t make anything.
Can You Trust All The FES Reviews
When trying to get the information that you need in order to make the decision whether or not to become a representative you will run across a lot of reviews.
Reviews done by other reps trying to get you to sign up through them.
So they are going to be promoting this opportunity with a glowing review of the possible income that can be made.
Keep this in mind.
Because they are recruiting you to add to their downline.
Pros and Cons
It’s time to get back to the Financial Education Services credit repair business opportunity. What are the good and bad about becoming a representative.
Pros – the good stuff
- Huge in demand market
- Good money to be made if you know how
- The company has been around for a while
Cons – the not so good stuff
- Monthly fee
- Not considered legit by the NCRA
- Hard to make a living with this
After seeing so many Financial Education Services reviews, I had to dive into this and do some research. This opened my eyes to the credit repair industry and the business opportunity to make money helping others.
The credit repair industry is big for a reason. There are many people that need help getting their credit back to a respectable score so they can buy cars, houses and get lower interest rates.
So after my initial research, it is my opinion that if your new and looking to start an online business and earn money working from home there are better alternatives.
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