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Americans trying to do the responsible thing—build a credit history and get ahead—are being preyed upon by glossy Silicon Valley schemes that promise the moon and deliver nothing but surprise charges. TomoCredit markets a pricey subscription that it says will “boost” your credit, but the reality, as investigative reporting shows, is far uglier and far more expensive than consumers are led to believe.
The core problem is straightforward: the three major credit bureaus—Equifax, Experian and TransUnion—stopped accepting TomoCredit’s data in 2024, a move that destroys the company’s central claim that its service will raise your score. If your payments aren’t being reported to the bureaus that actually calculate scores, then the whole sales pitch is smoke and mirrors, not a legitimate credit product.
Outraged customers say the harm didn’t end there. Dozens of complaints and a recent class-action suit allege Tomo makes it nearly impossible to cancel recurring subscriptions, uses deceptive pop-ups to keep people enrolled, and continues to bill customers even after cancellation attempts. Those allegations are now the subject of litigation in federal court—and they should serve as a warning to anyone tempted by a too-good-to-be-true fintech promise.
The warning signs were obvious long before the lawsuit: TomoCredit has attracted hundreds of complaints on consumer review platforms and more than 800 grievances to the Better Business Bureau, which has assigned the company an F rating for unresolved complaints and poor responsiveness. Working Americans don’t have time for customer-service runarounds; when a company racks up that level of documented consumer pain, sensible people walk away.
Don’t be fooled by Tomo’s PR playbook. The company asserts internally that a majority of users see score increases and it touts venture backing and big-name investors, but those claims don’t change the basic fact that the bureaus aren’t accepting its data and consumers are being billed for a product that can’t deliver what it promises. Fancy valuations and press releases don’t replace honest service or legal compliance.
Where are the regulators in all of this? Reporters note a chilling slowdown in enforcement from the federal consumer watchdog that used to crack down on sketchy financial services, and while the Federal Trade Commission has pursued other firms, Tomo has thus far escaped a decisive regulatory blow. That lack of enforcement is not theoretical—it has real victims: hardworking citizens who trusted a company and saw only fees and frustration.
This is a moment for common-sense action, not soothing corporate PR. Consumers should immediately check their statements, cancel any suspicious subscriptions by contacting banks or card issuers, and consider joining class actions where appropriate. Meanwhile, lawmakers and regulators—regardless of party—should stop treating predatory fintech as acceptable collateral damage and ensure companies that charge Americans for worthless services are held to account.
Silicon Valley loves to preach innovation and inclusion while quietly monetizing confusion and desperation. Conservatives believe in free enterprise, but freedom requires rules: enforce the laws, protect consumers, and let honest businesses compete without being undercut by smoke-and-mirrors startups. Hardworking Americans deserve better than being sold a mirage and nickeled-and-dimed by a slick app.
