07-09-2014 04:59 PM
Yet another sad example of a company misleading consumers into checking a loan APR.
Sofi.com claims they do soft pulls but they did a hard inquiry on my credit today. When I complained they had someone who claimed to be a VP of Operations call me back. I find her title hard to believe beacuse from the beginning of the call she was disagreeable and I later became so when her attitude did not improve. She insisted that I consented to the hard pull and referred me to the disclosure below which clearly states I can check my rate with a "soft inquiry" which "will not affect your credit score."
This is false. There is a hard pull through Experian dated today.
I have the alleged VP of Operations contact information if anyone needs it. I don't think I am allowed to post it here but if anyone else has been misled by this dishonest company you can send me a private message.
Just so you all know I am stating what happened I am posting the disclosure and the pull information below.
This misrepresentation by lenders is reaching the point where a class action lawsuit might be the only way to stop it.
Copied verbatim from Sofi.com
This inquiry will not affect your credit score.
Important Information about Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.
We may also ask to see your driver's license or other identifying documents.
You are authorizing us today for purposes of this loan application, and in addition, so that we can determine your eligibility for a separate personal loan, and from time to time if and when we approve you for a loan, to carry out the following:
Unspecified. This inquiry is scheduled to continue on record until Aug 2016.
07-09-2014 10:36 PM
All I did was check my rate and the only disclosure was the one posted above. This was on the page immediately preceding the page where I received my rates. I have filed disputes with the BBB. According to the BBB they have had 5 complaints in the past 12 months and evidently none before that. One shows resolved by a good faith effort. It looks like most of the other consumers gave up because several were closed when they did not respond after the initial complaint.
07-10-2014 05:38 PM
07-10-2014 10:07 PM
Their rates for me would have been an improvement also but only the variable rates would make a big difference. If I cannot trust them to disclose what kind of credit pull they are doing and when, I cannot trust them enough to enter into a long term loan with a variable rate. I hope your experience with you loan is a positive one. I had to speak to several different reps and supervisors until the operations manager called me back. I am still in disbelief about how they can just disregard the written assurance they provide in the disclosure and not fix it when brought to their attention.
I did not think I was the only person this happened to. Thank you for sharing your experience.
08-04-2014 07:20 AM - edited 08-04-2014 07:25 AM
I am having this exact same issue with SoFi. I would have let it slide but after "pre-approval" they decided to deny my application because I refused to pay a disputed collection from Verizon (my overall credit score is >750). The most upsetting part is that it seems they could have gotten the information about the collection from a soft pull.
It sounds like I also talked to the same "VP of Operations" (Sonya McIntosh) with a bad attitude. I do not think they should get away with this. I am an attorney and plan to sue them if they do not make this situation right. If anyone else is in the same boat, please contact me and I would be happy to add your name to the lawsuit.
08-05-2014 10:03 AM
We talked to the same person. They refused to correct the hard pull. ubermensch I will send you a private message. Please check your messages.
08-14-2014 05:55 AM
Anyone had any luck with this?
I was not actually shopping for loans but was just curious about rates, and it DEFINITELY said soft pull or I never would have clicked. I checked my report today and I have a hard pull on Experian from 7/7. This is ridiculous.
(Still considering myself in the garden since this wasn't intentional....)
08-14-2014 09:25 AM
I'll be calling sometime next week (currently on vacation). I tried chatting but no luck (not surprising).
Anyone try disputing w/ Experian?