topic Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull in Student Loans

Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Wed, 09 Jul 2014 23:59:04 GMT

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

CONSENTS

Soft Credit Pull Authorization & Final Submit

I/we understand that this is an eligibility inquiry for credit and authorize SoFi to obtain credit information from a credit reporting agency for purposes of this eligibility inquiry.

This inquiry will not affect your credit score.

Authorization to Run Credit, Confirm Identity and Verify Enrollment

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:

Investigate your credit worthiness, and to obtain credit information, including a consumer credit report, and other information about you from others, such as credit reporting agencies, other creditors, your School, or educational loan information clearinghouses. We may furnish information about your loan(s) to consumer credit reporting agencies, or to other persons who may legally receive such information.
You agree to provide us with authorization to obtain verification of your income, including federal and state tax returns, when we ask for it.
We may report information about your account to credit reporting agencies. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. If you ask us, we will tell you if we have requested information about you (or about your spouse, if applicable) from a consumer reporting agency and provide you with the name and address of any agency that furnished us with a report.

Hide

Hard Inquiry From Experian.com

SOFI LENDING CORP Address:
1 LETTERMAN DR BLDG C
SAN FRANCISCO CA 94129
No phone number available Date of Request:
07/09/2014

Comments:
Unspecified. This inquiry is scheduled to continue on record until Aug 2016.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

DrZoidberg — Thu, 10 Jul 2014 04:17:41 GMT

It is a SP to a certain point but once you click to look at rates and length of loan it's a HP.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Thu, 10 Jul 2014 05:36:55 GMT

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.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

yellowcake — Fri, 11 Jul 2014 00:38:59 GMT

Yeah, same thing happened to me. When I asked one of their CSR's via chat when the hardpull happens, they couldn't clearly tell me. I didn't like the experience, but I got good rates so I let that slide.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Fri, 11 Jul 2014 05:07:55 GMT

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.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Thu, 20 Nov 2014 06:10:54 GMT

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

ubermensch — Mon, 04 Aug 2014 14:25:36 GMT

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.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Tue, 05 Aug 2014 17:03:38 GMT

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.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

gh17 — Thu, 14 Aug 2014 12:55:33 GMT

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....)

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

gh17 — Thu, 14 Aug 2014 16:25:42 GMT

I'll be calling sometime next week (currently on vacation). I tried chatting but no luck (not surprising).

Anyone try disputing w/ Experian?

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Thu, 14 Aug 2014 17:34:49 GMT

gh17 I sent you a pm. I tried disputing with Experian also and submitted proof the disclosure said it was a soft pull. So far they will not remove the unauthorized hard pull. I talked to a supervisor there also and I can give you his direct number. The more people that call them the better. It is a disgrace that they won't do their job when written proof is submitted.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Thu, 14 Aug 2014 17:35:37 GMT

Ubermensch are you still looking into a legal action?

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

danman1202 — Tue, 02 Sep 2014 04:13:04 GMT

Oh man I should have read this before I've been scammed by this company...I got denied three times trying to get them to accept my application so are they going to register three hard pulls? That's catastrophic! Will I win if I dispute with experian showing them this info?

http://i57.tinypic.com/otj9mx.png

that says soft pull to me...it will not affect your credit score. a hard pull does. this is false advertising.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

danman1202 — Tue, 02 Sep 2014 04:32:46 GMT

I went ahead and filed with the BBB immediately. I cannot believe this is allowed to stand. I'm not taking 3 hard credit pulls on my account.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Tue, 02 Sep 2014 06:25:06 GMT

I completely agree with you. It is misleading and hard inquiries do affect your credit score. I tried telling this to their representatives and did not get anywhere. They did not respond to the BBB complaint, but maybe if they get enough complaints they will. I feel bad for you. I only checked my rate once. I did not even apply. Read their BBB profile. They have had other types of complaints also. I am still trying to fight it. I will direct message you if I get anywhere.

Sorry that you are having the same problem. I cannot believe what has happened either.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

0x47 — Thu, 04 Sep 2014 17:37:05 GMT

I just found out this as well, and I have two hard pulls from them on my Experian report. I have contacted them to give them them 10 days to remove the inquiry, or I will pursue with the BBB and/or CFPB.

Needless to say, unless there is a very fast and favorable reply to my email, my business relationship with SoFi is over.

What are our rights to pursue this? I'll take this to a lawyer if I have to.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Thu, 04 Sep 2014 18:05:15 GMT

Sorry you are having the same problem. Unfortunately Sofi has not showed any willingness to help me or anyone else they have done this to. You will probably get a call from their 'operations manager' who has refused to remove any of the hard pulls in the past. Please let us know if anything happens. Please check your mailbox for a message from me.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Thu, 04 Sep 2014 18:11:06 GMT

If anyone else has had this happen to them or if you know anyone who has, let them know they can post their experience here. I would like to know how many people have been affected. Thanks.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

DrZoidberg — Thu, 04 Sep 2014 20:36:17 GMT

@danman1202 wrote:
I went ahead and filed with the BBB immediately. I cannot believe this is allowed to stand. I'm not taking 3 hard credit pulls on my account.

You filed a BBB complaint on something that may not happen?

And by the time you get any judgement or result, the HP won't have a factor on your score. Just chalk it up as a HP and move-on. I was HP after filling out 4 different apps, 1 HP isn't going to break you.

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

rampman10 — Sat, 06 Sep 2014 02:09:38 GMT

I am sure Sofi expects potential borrowers to abide by the terms of their consent agreement, and we should be able to expect the same. Hard pulls do affect credit scores and when potential borrowers have to agree to a consent agreement, it should be accurate.

topic Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull* in Student Loans

*Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

Re: *Warning* Sofi.com says they do a soft inquiry but it is a *hard pull*

topic Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull in Student Loans

Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull

Re: Warning Sofi.com says they do a soft inquiry but it is a hard pull