@FinStar wrote:
@Flfico wrote:Also, a quick Google search reveals lqdigital appears to be a 3rd party call center type company. Unfortunately, most companies do use 3rd party call centers these days.
Agree.
For the OP's benefit (or anyone really), below is a link to their site. And, one of the services listed for a variety of clients, is Call & Contact Center Services.
Perhaps the title of this thread needs to be revised. I'm not sure what "reporting them as a scam" really would do since they are a legitimate business enterprise and the list of some of their clients appears not be fairly transparent.
https://www.lqdigital.com/our-work/call-contact-center-services/
Penfed obviously has their own call center for when you call the number listed on the website. In their phone tree, there is a specific option for personal loan applications and status. When I spoke to the woman at Penfed, she had no knowledge of a 3rd party call center.
I suspect that if you are qualified for a loan, you would go directly through Penfed. But those who don't qualify (like myself) are handed off to a 3rd party affiliate who may try to match them with a 3rd part loan product.
Also, if you look at their privacy policy, it includes this snippet (note the last line of the table)
(https://www.penfed.org/content/dam/penfed/general/pdf/Forms/general/privacy-policy_2019.pdf)
(Edited out hyperbolic conspiracy and outrage).
@Remedios wrote:I did it for science, too!
Pre-approved, email received.
Last time I did it science, there was a call following day letting me know I still needed to complete my application if I wanted the loan, which I didn't.
But..science!
Were you given the 5626 number to call back the next day or were you given a number ending in 0423? If you get a call tomorrow asking to call 800-237-0423, then I'll believe this number is truly related to Penfed.
@Remedios wrote:The email I posted is directly from Penfed. I didn't call them, they called me.
The call was directly from Penfed, no third party involved, and they didn't want me to call them, they wanted me to finalize application.
Thanks, that confirms the idea that if you are approved, you deal directly with Penfed and if you are denied, your sold to an affiliate.
I completed the prequal back in April and was pre-approved. The call I received the next day to finalize was from the 0423.
@designated_knitter wrote:
Penfed obviously has their own call center for when you call the number listed on the website. In their phone tree, there is a specific option for personal loan applications and status. When I spoke to the woman at Penfed, she had no knowledge of a 3rd party call center.
I suspect that if you are qualified for a loan, you would go directly through Penfed. But those who don't qualify (like myself) are handed off to a 3rd party affiliate who may try to match them with a 3rd part loan product.
Also, if you look at their privacy policy, it includes this snippet (note the last line of the table)
(https://www.penfed.org/content/dam/penfed/general/pdf/Forms/general/privacy-policy_2019.pdf)
if the woman at LCDigital was really calling about a true in-house loan, why not say that? Why not say they provide call center services or that they were the call center for Penfed? Why do you get an actual Penfed call center when you contact the number on Penfed's website? And why wouldn't Penfed have a record of the 3rd party call center number or contact activity if they were truly calling to follow up on the Penfed application?
The difference between @FinStar's experience is that he was approved... I was flat out declined. I don't care that I was declined since I was just trying the prequal for informational purposes only. I *do* care when my personal information including ssn, dob, etc is handed off to a company as a condition of running the preapproval.
There are many prequal sites out there where it will say "we couldn't match you with an offer but try this alternative website " which turns out to be a shady sub-prime broker. I expect that from sites like lending tree or best egg or credit.com... I don't expect it from a credit union for which I am a member.
If you have terrific FICO scores, you probably haven't experienced the seedy underbelly of the sub-prime companies. I doubt that you would be targeted for first premier, for example. If you've been rebuilding enough, you learn to recognize the predators pretty quickly.
A few things:
Of the several CCs and lending products I have, CUs, FSBs, large and regional banks, etc., several of them use third-party or partner call centers and they don't necessarily identify as the actual company doing the service other than provide account information for the X institution being serviced -- PenFed would be no exception. Just because NFCU doesn't use such a service, for example, doesn't mean PenFed is in the wrong for having such partnerships. As part of any GSO agreements, all information about anyone is still handled on a confidential basis. Of course, sometimes we know 💩 happens and data breaches are possible -- but that's with anything. Other FIs that come to mind using similar services are BBVA, Stonegate Bank (former entity), FNBO, some local CUs, etc.
Additionally, call routing is something that is tagged with some specific products or whenever an individual calls during after hours (if traditional institution isn't available for direct calls). This is BAU for a variety of them. I'll add that most PenFed agents aren't as informed of operational processes that happen behind the scenes.
And, regardless of my high scores, I still receive plenty of solicitations from Credit One, Indigo, etc. I do it for fun and science. It took one pre-approval to test things out with Credit One years ago, and they still wanna be friends, soon Indigo followed suit, and then the others. I'm definitely not in their target market, and definitely not insulted or dismayed by their courtship rituals because I'm not going to take their offers. About the only one I was tempted was the Credit One AmEx, but that would be like getting a faux Gucci bag. They certainly have a place for different folks, but for me, that would be like trying to fit a semi (cab and van) into a tiny one-car garage...we can be penpals, but that's about it.
So, I wouldn't be as concerned with the end result. If it was an issue, you'd hear more about them here, other boards or on the news/social media.
@Flfico wrote:I completed the prequal back in April and was pre-approved. The call I received the next day to finalize was from the 0423.
Thanks for that data point.
Still doesn't explain why they would be calling if I was denied but now onto the next expose!
I now feel a bit more comfortable and went back and edited out the coo-coo-4-coco-puff rants.
Based on my experience with my local credit union (one of the best in the country) and Navy (and even DCU WAAAY Back When and the Illini credit unions, I hadn't encountered this type of "left hand not knowing about the right hand" thing... that's usually where the big banks excel!