Complaint Review: Bibby Financial Services

I've generally been fine with Bibby's services.  However, they're trying something new that has me alarmed.  They, and many other factors, have started using the services of Tax Guard, Inc. in Broomfield, CO.  So when you apply Bibby makes you sign an IRS 8821 with Tax Guard named as the company that can pull all of your financial information for all time.  THIS IS DANGEROUS!

You have no agreement whatsoever with Tax Guard.  Tax Guard shares office space with 20/20 Tax Resolution.  Call the Tax Guard contacts and you get a 20/20 Tax Resolution voicemail.  20/20 Tax Resolution wants you to pay them to fix you tax problems.  So Tax Guard alerts lenders to tax problems then they'll want you to pay 20/20 Tax Resolution to fix those problems.  The two companies (Tax Guard and 20/20 Tax Resolution) have some of the same owners.  As a Bibby customer you have no guarantees from Tax Guard as to the privacy of your data.  What would keep Tax Guard from storing your data, accumulating or aggregating data and then selling it to another party?  You have no agreement with Tax Guard - what could you do?

Factors are trying to save money by using a third party service for tax monitoring.  That's fine.  BUT, we need to have some sort of agreement in place with Tax Guard before we sign over rights to all of our tax data to them.  And it needs to be VERY clear that this is what Bibby is doing - not just asking you to sign a form with another company's name listed.