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Johny Fernandez: If you are
someone who participates in lead

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generation, and you own a bunch
of different websites, and you

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say, Hey, we're going to
connect, connect you with a

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lender um, based upon the
information you put in, and

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something else happens along the
way, you could potentially be

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violating federal law. So this
particular company that Johnny

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mentioned, they owned a bunch of
different websites. They were

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lead generation sites, you might
even think, oh, that sounds like

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somebody that I might even know
they own cash advance.com, They

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owned, I think it was bad credit
loans.com. Right. They own

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generics sites, that a consumer
or potential borrower would find

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online, and they would apply for
a loan with the understanding

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that these particular sites,
were going to connect them with

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a lender, that it was a loan
marketplace, I bring this up,

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because this is a very common
business model J, you go up, you

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go on a website, it says
something about we're going to

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connect you with a lender or a
loan marketplace, you put in

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your information, they try to
connect you. And everything

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sounds very normal up until this
point,

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Yeah

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Sean Murray: except the FTC
says, what happens next is where

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you break the law, that if you
then sell that information, to

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let's say, like a credit repair
company, or a debt relief

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company, or you sell the credit
score of that applicant to

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somebody, Hey, you done things
you weren't supposed to, you

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said you were gonna connect them
with a lender. Instead, you took

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the data, and you sold it, debt
relief company, credit repair

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company, you know, all these
other data companies. And if

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you're the person who owns the
website, you might be, you might

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be thinking, Well, hey, I'm just
monetizing this lead as much as

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I can, right? Yeah, they, they
qualify or don't qualify for a

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loan. But hey, they probably
would benefit from all of these

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other products. FTC says you
can't do that. He said, You're

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going to offer them alone,
you're going to connect them

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with a lender, and you and you
did things that were outside of

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that scope, you broke the law,
this company got fined $1.5

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million dollars for taking
leads, people were applying for

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loans. And with the belief that
it was gonna be they were going

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to connect you with a lender in
a marketplace. And because other

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things happened, the company
running the websites they got in

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trouble. Yeah, this is should be
this should be a wake up call

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for anyone who relies on
websites, very, you know,

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multiple websites, or even just
one website where you say you're

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going to connect a potential
borrower, with a network of

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lenders.

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Johny Fernandez: So and
according to like the the the

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report that was online, they
said that 84% of the loan

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applications, never made it to
the lender, their information

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just given to, you know, all
these other companies. 84%.

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That's

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Sean Murray: Well, so here's the
thing, right? So I'm looking at

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it from the, from the
perspective of the company that

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may be operated the site, they
have lead generation sites for

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loans, people fill out their
information,

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Johny Fernandez: Yep.

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Sean Murray: it becomes 80,
let's say, 84% of them qualify

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for nothing. Right? So what do
you do? Throw them in the

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garbage? Well, like they don't
qualify for loans. So I want to

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sell it to this person could
really benefit from debt relief,

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the real, the real problem is
not that they need more money.

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Johny Fernandez: Yeah.

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Sean Murray: The real problem is
that they need to talk to some

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sort of debt settlement company,
where the real problem is that

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their credit is too low. So I'm
going to sell it to a credit

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repair company. So let's say 84%
of the people inquire, are

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eligible for one of the loans
that you have available at the

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lenders you work within your
network?

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Johny Fernandez: Yeah.

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Sean Murray: so you sell it to
other people?

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Johny Fernandez: Yeah.

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Sean Murray: Where this customer
in your mind you think would

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benefit. FCC says you can't do
that. That's illegal. That's

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violates the law. That should be
a wake up call. For anyone who

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has a lending website and you
say, well, this person applied

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for a loan. And because they
right off the bat did not

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qualify for one, I then sold her
information to a credit repair

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company, or debt relief company.
If they weren't explicitly told

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that that's what you would do
with your information, you could

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be violating the law. Now, I'm
not a lawyer. Right. So I'm just

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reading the press release. That
was that was that came out from

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the FTC. But if you are in this
small business, finance

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industry, or any type of lending
industry doesn't matter what it

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is, and you encounter people who
do not qualify for financing and

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you say, Well, I still gotta
monetize it, I'm going to sell

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it. This data does somebody be
very, very careful, because the

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FTC is saying, You can't do
that. So pay attention to that.

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This literally came out. You
know, Johnny said it. We're not

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sure if it's pronounced IT
media, it media, we're not sure.

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But this came out on January 2,
and it said, they now face

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restrictions on their operation.
So not only they're fine, but

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now they're all they also have
to make all these all these

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changes. And this type of
business model sounds just very,

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very familiar.

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Johny Fernandez: Yeah

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Sean Murray: make a bunch of
websites, acquire leads. And for

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people who don't qualify,
perhaps you try to monetize

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those leads some some other way.
FTC says you can't do that.

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Johny Fernandez: Yeah.