|
5767954
|
2022-07-14
|
Opening an account
|
Checking or savings account
|
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Checking or savings account
|
| Sub Issue |
Didn't receive terms that were advertised
|
| Sub Product |
Checking account
|
| Date Received |
2022-07-14
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-07-14
|
| Consumer Consent Provided |
Consent not provided
|
|
|
5773613
|
2022-07-14
|
Opening an account
|
Checking or savings account
|
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Checking or savings account
|
| Sub Issue |
Unable to open an account
|
| Sub Product |
Checking account
|
| Date Received |
2022-07-14
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-07-14
|
| Complaint What Happened |
I have tried to open an online deposit account XXXX with SoFi Bank multiple times. They have denied me without explanation, even though I do not have any negative reporting with either credit agencies ( XXXX, XXXX, XXXX ), XXXX, or other well known credit/consumer reporting agencies. They refuse to send me any written documentation of their reasons for denying me an account.
I have asked for formal written communications from them over the course of 7 different phone calls, the duration of which lasted hours cumulatively. I have been told various things at various times, ranging from that I was denied because I have two profiles in their customer database, to that I must have been denied because I have some kind of derogatory consumer or credit reporting information ( which is simply not factual ).
Every time I call their customer service department they tell me they are unable to escalate my issue to a supervisor and that there is no additional person I can speak to.
|
| Consumer Consent Provided |
Consent provided
|
|
|
5701285
|
2022-06-23
|
Managing an account
|
Checking or savings account
|
|
| Issue |
Managing an account
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Checking or savings account
|
| Sub Issue |
Deposits and withdrawals
|
| Sub Product |
Checking account
|
| Date Received |
2022-06-23
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-06-23
|
| Complaint What Happened |
I opened a new SoFi checking and savings account on XX/XX/2022, transferred {$5000.00} into the account from another bank, and set up the account to receive direct deposits. The next day, they froze my account without giving any reason, locking both the {$5000.00} I deposited and giving me no access or record of the direct deposit funds that also should have been sent to the new checking account I have tried calling their customer service fraud prevention line several times as well as reaching out to them through their XXXX account direct messages. They have been completely unresponsive providing me with no avenues to get information on the issue or resolve the problem.
|
| Consumer Consent Provided |
Consent provided
|
|
|
2118135
|
2016-09-19
|
Dealing with my lender or servicer
|
Student loan
|
|
| Issue |
Dealing with my lender or servicer
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Student loan
|
| Sub Issue |
Received bad information about my loan
|
| Sub Product |
Non-federal student loan
|
| Date Received |
2016-09-19
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
No
|
| Date Sent To Company |
2016-09-19
|
| Complaint What Happened |
I have a refinanced private student loan I took out with SoFi, which I took out under the pretense that I could take advantage of an income-based repayment plan. For the first four years I have had the loan, I was able to make good on this program, and was annually provided with an IBR application issued for US federal education loans ( despite the fact that the loan was a private loan ) by their servicer Trustudent. In all that time, this program was always referred to as an income-based payment program, and I was never informed of any limitations on how long I could take advantage of it. In 2015, SoFi changed their servicer from XXXX to XXXX, and XX/XX/XXXX I was informed that my payments would be effectively doubling within the next billing period. When I asked why I had not been provided with IBR paperwork, the servicer informed me that no such program existed. After several phone calls with SoFi over the course of two weeks, I finally learned that SoFi had not, in fact, had me on an IBR plan but on an interest-only forbearance. This was despite the fact that this was never communicated to me in correspondence or writing. I have spoken with an attorney who says this could be a case of deception in a consumer product, and I would like to see XXXX records examined to understand what happened.
|
| Consumer Consent Provided |
Consent provided
|
|
|
5012931
|
2021-12-15
|
Managing an account
|
Checking or savings account
|
|
| Issue |
Managing an account
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Checking or savings account
|
| Sub Issue |
Funds not handled or disbursed as instructed
|
| Sub Product |
Checking account
|
| Date Received |
2021-12-15
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-12-15
|
| Complaint What Happened |
{$600.00} of withdrawals being withheld for security purposes after account and connected account have been verified.
|
| Consumer Consent Provided |
Consent provided
|
|
|
4545980
|
2021-07-15
|
Credit monitoring or identity theft protection services
|
Credit reporting, credit repair services, or other personal consumer reports
|
|
| Issue |
Credit monitoring or identity theft protection services
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Credit reporting, credit repair services, or other personal consumer reports
|
| Sub Issue |
Received unwanted marketing or advertising
|
| Sub Product |
Credit reporting
|
| Date Received |
2021-07-15
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-07-15
|
| Consumer Consent Provided |
Consent not provided
|
|
|
3917772
|
2020-10-25
|
Managing an account
|
Checking or savings account
|
|
| Issue |
Managing an account
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Checking or savings account
|
| Sub Issue |
Funds not handled or disbursed as instructed
|
| Sub Product |
Checking account
|
| Date Received |
2020-10-25
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2020-10-25
|
| Complaint What Happened |
{$75.00} cash deposit bonus was promised for getting a direct deposit from employer. Direct deposit of {$500.00} was received on XX/XX/2020 yet the bonus promo was never credited.
Sofi terms read " SoFi will credit members who meet the qualification criteria stated above with a one-time cash bonus of {$75.00} deposited into their SoFi Money account within two weeks of qualification ''.
|
| Consumer Consent Provided |
Consent provided
|
|
|
2692670
|
2017-10-04
|
Problem with additional add-on products or services
|
Payday loan, title loan, or personal loan
|
|
| Issue |
Problem with additional add-on products or services
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Payday loan, title loan, or personal loan
|
| Sub Product |
Installment loan
|
| Date Received |
2017-10-04
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2017-11-05
|
| Complaint What Happened |
I accepted a personal loan from sofi at least a year ago. Sometime in the last few months they changed their website to force users to accept their new arbitration agreement. If users do not accept the new agreement, they are blocked from access their account management. I contacted sofi about this and they said the only option is to accept the terms on the website, and then send in a written rejection notice, by mail. Additionally, they also previously incorrectly stated " However, if the customer does not wish to acknowledge consent upon log in, they may uncheck the consent box and still access their account. SoFis promissory note and online consent provides the Right to Reject clause for the Arbitration Agreement. SoFi recommends the consumer follow the instructions if they would like to exercise their right to reject. '' This functionality does not exist on the site.
While they have provided one method to reject the terms, and have been responsive in communication, they have not provided a suitable approach when all account administration is handled online, especially one that forces users into an agreement even temporarily.
|
| Consumer Consent Provided |
Consent provided
|
|
|
2746478
|
2017-12-05
|
Dealing with your lender or servicer
|
Student loan
|
|
| Issue |
Dealing with your lender or servicer
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Student loan
|
| Sub Issue |
Received bad information about your loan
|
| Sub Product |
Private student loan
|
| Date Received |
2017-12-05
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2017-12-05
|
| Consumer Consent Provided |
Consent not provided
|
|
|
2749337
|
2017-12-07
|
Getting the loan
|
Payday loan, title loan, or personal loan
|
|
| Issue |
Getting the loan
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Payday loan, title loan, or personal loan
|
| Sub Product |
Installment loan
|
| Date Received |
2017-12-07
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2017-12-07
|
| Complaint What Happened |
SoFi sends monthly mailings to potential customers telling them they are pre-chosen for loans at enticingly low rates ( 8.95 % ) based on their credit history. The word " preapproved '' is all over their emails and website when you begin to apply. Those mailings fraudulently suggest that the customer has merit advantaging them in being actually approved for loans at those rates, and instead SoFi uses an unusual, highly-selective review process that cherry-picks from those preapproved customers who apply based on the advertising of those mailings.
This practice hurts consumers like myself who are trying to improve their credit. Potential borrowers like myself receive these mailings are enticed to apply because the offer is *apparently* too good to be true, and instead we waste a hard inquiry on our credit report. The substance of my financial position has actually improved since I first started receiving these mailings a year ago, but that had no impact on application.
Most importantly, when I asked why my loan was denied, I was told by SoFi that it was because I had a missed payment on my credit history. However, I know the date that SoFi made the hard credit inquiry ( once I had submitted my application ), and they came back to me AFTER that Inquiry and asked me to supply more financial documentation not originally asked for in my initial application. I did so. And then they denied my application. So they already knew my Credit History had a blemish and continued to process the application. SoFi 's rep XXXX told me having a missed payment on my credit history automatically precluded me from being approved, but if that was the case, they would n't have asked me to supply additional financial documentation after SoFi was in posession of my full credit history. SoFi 's explanation does not hold up against the evidence and timeline of my application process.
This leads me to believe SoFi has built a website to automate lending that is falsely advertising and defrauding consumers like myself.
Received Mailings : XXXX, monthly Reviewed, Began Application : XXXX/XXXX/XXXX Received email from SoFi reaffirming I was " preapproved '' and encouraging me to complete my application : XXXX/XXXX/XXXX Submitted Application : XXXX/XXXX/XXXX Hard Credit Inquiry : XXXX/XXXX/XXXX Asked to submit additional documents to support my application : XXXX/XXXX/XXXX Application denied : XXXX/XXXX/XXXX
|
| Consumer Consent Provided |
Consent provided
|
|
|
2726163
|
2017-11-10
|
Dealing with your lender or servicer
|
Student loan
|
|
| Issue |
Dealing with your lender or servicer
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Student loan
|
| Sub Issue |
Received bad information about your loan
|
| Sub Product |
Private student loan
|
| Date Received |
2017-11-10
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2017-11-10
|
| Complaint What Happened |
I am currently in XXXX school and have had a lot of trouble dealing with my servicing company ( Sofi/XXXX ) regarding the details of my deferment. I called them multiple times over the summer to go through the approval process and no one at any point in time told me that I would have to reapply every three months. My account was just auto-debited the full monthly payment. I 'm currently on the phone with them now disputing this charge. They are an awful company that has seemingly purposefully withheld information about how my in school deferment would work. I was also not told that I would have to make interest payments while in school.
|
| Consumer Consent Provided |
Consent provided
|
|
|
1939408
|
2016-05-25
|
Dealing with my lender or servicer
|
Student loan
|
|
| Issue |
Dealing with my lender or servicer
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Student loan
|
| Sub Issue |
Received bad information about my loan
|
| Sub Product |
Federal student loan servicing
|
| Date Received |
2016-05-25
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
No
|
| Date Sent To Company |
2016-05-25
|
| Complaint What Happened |
SoFi publishes rates of 3.5 on fixed loans for student loan refinancing. All combinations of salary, experience, loan amount and home ownership result in 5.74 % as the lowest rate for refinancing. For example, a {>= $1,000,000} salary at $ XXXX loan debt = 5.74 % rate and {$50000.00} salary at {$100000.00} loan debt = 5.74 %. This is a marketing tactic and is being used to deceive customers into supplying protected information.
|
| Consumer Consent Provided |
Consent provided
|
|
|
1817610
|
2016-03-04
|
Problems when you are unable to pay
|
Consumer Loan
|
|
| Issue |
Problems when you are unable to pay
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Consumer Loan
|
| Sub Product |
Installment loan
|
| Date Received |
2016-03-04
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
No
|
| Date Sent To Company |
2016-03-08
|
| Complaint What Happened |
I have fallen into a vicious cycle where I am unable to pay my debt and so it just keeps growing, and I now owe more than I take in each month. I called SoFi, a company with whom I attempted to consolidate my debt at one point to discus my options -- the original loan was not large enough to consolidate all my debt and I was unable to manage both sets of payments -- and they completely dismissed me. They said there is nothing that they can or will do. My payments are due when they are due and they will continue reporting my failure to pay to the credit reporting agencies. I have reached out over phone and email and expressed me desire to work out a plan in good faith, but they refuse to cooperate. How can one make any headway against such intractable and heartless disregard for the reality of my financial situation??
|
| Consumer Consent Provided |
Consent provided
|
|
|
1540349
|
2015-08-27
|
Getting a loan
|
Student loan
|
|
| Issue |
Getting a loan
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Student loan
|
| Sub Issue |
Qualify for a better loan than offered
|
| Sub Product |
Non-federal student loan
|
| Date Received |
2015-08-27
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
Yes
|
| Date Sent To Company |
2015-08-27
|
| Complaint What Happened |
A very large company XXXX SoFi XXXX that refinances student loans is undoubtedly engaged in deceptive and predatory lending practices. I know this because I used them to refinance my student loans recently. They advertise interest rates that would clearly be interpreted by any reasonable person as annualized rates and even call the interest rates " Annual Percentage Rates '' in the loan documents but they actually compound this rate on a daily basis, making the effective annualized rate significantly higher than that which is being advertised. I carefully reviewed the loan documents I received and only in one place, buried deep in the disclosure, does it say interest is accrued on a daily basis, and even that description is confusing because it fails to disclose that the actual interest rate a borrower will pay on an annual basis is higher than the " Annual Percentage Rate '' because of the daily compounding of interest ( which I think is a very material omission ). I genuinely believe SoFi is secretly robbing indebted students of XXXX dollars PER STUDENT by engaging in these predatory tactics and I believe action needs to be taken against them immediately. SoFi includes a well-crafted arbitration clause in their loan documents and the clause prohibits class arbitration, which effectively prevents any borrower from bringing a claim against them. I would be happy to represent myself against them, and luckily the agreement states each party pays its own legal expenses unless a claim is frivolous, but the fees of the arbitrators would quickly dwarf the amount at issue in my individual case, WHICH IS WHY I NEED YOUR HELP. You are the only available remedy for these kinds of shameful, predatory tactics. SoFi is a HUGE ORGANIZATION and the effect of taking action against them would benefit XXXX students. You have the ability to do a lot of good here ; please do n't just let it pass you by. This is wrong, legally and morally, and you should do something about it. If you agree to pay my share of the arbitrators ' fees I would be happy to take up this cause myself and set a precedent against them ( though decisions in arbitration are n't binding, it would still look very very bad for them and may encourage changes to their practices ) but I am not going out of pocket XXXX dollars more than I already am out of pocket because of these shady practices ; I really ca n't afford that.
|
| Consumer Consent Provided |
Consent provided
|
|
|
5011193
|
2021-12-15
|
Incorrect information on your report
|
Credit reporting, credit repair services, or other personal consumer reports
|
|
| Issue |
Incorrect information on your report
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Credit reporting, credit repair services, or other personal consumer reports
|
| Sub Issue |
Account information incorrect
|
| Sub Product |
Credit reporting
|
| Date Received |
2021-12-15
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-12-15
|
| Complaint What Happened |
In XX/XX/2021 SOFI LENDING CORP with account number XXXX was taken off my credit report and now has been put back on it. This company does not have this loan as it states on the credit report that it has been Transferred. The Account Status is reporting it as derogatory and this account does not even have a balance reporting on it.
|
| Consumer Consent Provided |
Consent provided
|
|
|
3453653
|
2019-11-27
|
Getting a loan
|
Student loan
|
|
| Issue |
Getting a loan
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Student loan
|
| Sub Issue |
Confusing or misleading advertising
|
| Sub Product |
Private student loan
|
| Date Received |
2019-11-27
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2019-11-29
|
| Consumer Consent Provided |
N/A
|
|
|
5687419
|
2022-06-20
|
Problem with a purchase shown on your statement
|
Credit card or prepaid card
|
|
| Issue |
Problem with a purchase shown on your statement
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Credit card or prepaid card
|
| Sub Issue |
Card was charged for something you did not purchase with the card
|
| Sub Product |
General-purpose credit card or charge card
|
| Date Received |
2022-06-20
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-06-20
|
| Consumer Consent Provided |
Consent not provided
|
|
|
2940284
|
2018-06-19
|
Getting a loan
|
Student loan
|
|
| Issue |
Getting a loan
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Student loan
|
| Sub Issue |
Denied loan
|
| Sub Product |
Private student loan
|
| Date Received |
2018-06-19
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2018-06-19
|
| Complaint What Happened |
I attempted to refinance my student loan with my current student loan company XXXX XXXX. I applied with a co-signor who is not a XXXX XXXX of the United States. At first, I was unsure if my co-signor would be eligible, however on XX/XX/XXXX, I contacted the company and was informed that co-signors were allowed if they had certain US XXXX. I sent my co-signors XXXX information and provided all the documents that were required. I was approved for a fixed payment of {$1500.00} for 15 years. Sofi required a few documents to complete the application, which were provided. On XX/XX/XXXX at XXXX XXXX I received a call stating the only item that was needed was a clearer copy of my co-signors ID. The ID was uploaded to Sofi 's website at XXXX and I was told on the previous phone call that my loan would then go forward at the original terms. However, I received an email at XXXX XXXX on XX/XX/XXXX stating Sofi was unable to offer me credit as I was previously approved. They offered terms at a higher interest rate with a monthly payment amount of {$1600.00}. Sofi 's reasoning to increase my interest rate was my income differed on my application. On XX/XX/XXXX, I called Sofi to discuss why my income had differed because I had inputted my correct income. I was informed my income was not the issue, but Sofi was unable to accept my co-signor. On this call I was told it was not their policy to accept a co-signor who is not a XXXX US XXXX. This information contradicted the previous information they provided and Sofi had been in receipt of my co-signor 's XXXX information as of XX/XX/XXXX. However, as of XXXX on XX/XX/XXXX my application was being accepted with my co-signor. It seems my interest rate was increased at the last hour in order to get my to pay a higher interest rate. I attempted to refinance my loan because I am currently in an adjustable rate and it continues to increase. I am beginning to struggle to make the payments and this will continue to worsen if my interest rate continues to increase.
|
| Consumer Consent Provided |
Consent provided
|
|
|
2924540
|
2018-06-02
|
Improper use of your report
|
Credit reporting, credit repair services, or other personal consumer reports
|
|
| Issue |
Improper use of your report
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Credit reporting, credit repair services, or other personal consumer reports
|
| Sub Issue |
Credit inquiries on your report that you don't recognize
|
| Sub Product |
Credit reporting
|
| Date Received |
2018-06-02
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2018-06-02
|
| Consumer Consent Provided |
Consent not provided
|
|
|
3845565
|
2020-09-11
|
Improper use of your report
|
Payday loan, title loan, or personal loan
|
|
| Issue |
Improper use of your report
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Payday loan, title loan, or personal loan
|
| Sub Issue |
Credit inquiries on your report that you don't recognize
|
| Sub Product |
Personal line of credit
|
| Date Received |
2020-09-11
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2020-09-11
|
| Complaint What Happened |
My complaint is that 2 accounts were opened online, not by me, and certainly without my permission, using my identity. I do not understand how these accounts could be opened first of all online, and second without the presence of the individual to verify a signature, an address, proof of residency, and proof of identity.
On XX/XX/XXXX a loan with SOFI Lending was applied for in the amount of {$19000.00}. The loan was approved and funds transferred. All this came about when a letter dated XX/XX/XXXX, from XXXX XXXX was sent to an old address I had not lived at for more than 20 years. In this letter, it stated they denied opening an account for me, an account I never applied for. The letter suggested I contact the credit agencies to see if there was anything affecting my credit report. On XX/XX/XXXX, I went online and reviewed my XXXX Credit report where there was a recent inquiry for SOFI Lending. Not knowing who this company even was, I contacted them that same day to get some information. I spoke with XXXX who confirmed that a loan was applied for using my name, date of birth, home address, home phone number, but a different email address. I immediately let them know I did not request any type of loan with their company and they should put my claim in as a fraud incident. She informed me that a block would be put on the account for review and that they would get back to me with a reference number. It was XXXX who also informed me that the whole loan transaction was completed online.
On XX/XX/XXXX, I reported the identity theft to the FTC. I also added a freeze and security alerts with the three credit bureaus, XXXX, XXXX, and XXXX. I was able to make a police report in person at my home on XX/XX/XXXX with an Officer from my local police department.
Not hearing back from XXXX XXXX, I called again on XX/XX/XXXX and spoke to XXXX. It was then when I requested the reference # to my fraud case. When I asked what type of identification is given to show proof of identity, I was told that they request any of the following : a copy of a driver 's license, passport, or income statement. When I asked what they received I was told that it was the underwriting department that had this information on file. I asked to speak to the underwriting department but I was told that I could not. XXXX also mentioned that since I reported the incident, they would do an investigation and remove the loan from my credit report. It was also at this time when I was asked if I wanted their Fraud Packet, in which I did request.
After receiving their fraud packet and reading through it, it requested giving more personal information such as my driver 's license ID # and copies verifying my address, driver 's license, passport, or utility bills. Of course not wanting them to have any more of my personal information than they already had, I made my third phone call XX/XX/XXXX. I began asking questions about this fraud packet but the specialist could not answer my questions, it was then that I asked to speak with their manager XXXX. After being on hold for more time than needed, a specialist, XXXX, picked up the line. Frustrated at this point, I asked my questions again, only to get the same unsure answers. I did continue pressing for answers, like why did they not make a phone call to verify my information prior to lending this money like the website states in the Q & A section ( XXXX had my home phone number on file ). I was told that sometimes these processes are not necessary and that their policies change depending on the need. Thats poor policy right there. I also asked how could it be that not one letter or any confirmation of the loan was sent to my home address ( also on file ), I was told the whole transaction was opened and completed online. I found this very hard to believe and needed to know more. Not knowing what type of account the {$19000.00} was transferred into, I asked where and to what type of account XXXX transferred the funds to. Again, not being able to give me all the information I needed, I was able to get the name of the bank, XXXX, and the last 4 digits of the account number.
I then contacted XXXX XXXX and spoke to XXXX on XX/XX/XXXX, I discovered that they too open accounts online. When I asked some of the specifics about the account such as identification given to open the account, address on the account, again I was road blocked and could not get the information I needed to protect myself from the fraud situation taking place. I alerted them too that although the account was opened in my name and with my social security number, it was a fraud and I did not authorize or open an account with them. They opened a fraud case number and informed me that I would be receiving a letter from them within 30 days. Since I did not request an account to be opened with XXXX, Im hoping that after receiving their letter ( not knowing what it even is going to read ) I will be able to close this account. Frustrated and upset, I pressed XXXX XXXX for further information as to the address attached to the account, they would not give me the address but when I asked if it was even in the state I live in, I was told it was not. I'm not sure how SOFI Lending could so easily transfer funds to an account without verifying that the information on the account matched the information in their files.
Simple steps could have been taken to alert me to this incident sooner. SOFI Lending has failed to do any : 1 ) Send a letter, perhaps with an ID pin to the address associated with the person who's social security number is being used for the account. The letter, once received with the ID pin, could be used to call the company to confirm that the letter was received at the proper address.
2 ) Require additional information such as copies of utility bills, paystub, or insurance bills to again verify the address 3 ) Compare and verify the address and all information on the account funds are transferred to 4 ) Make a phone call like stated on their website in the Q & A section
|
| Consumer Consent Provided |
Consent provided
|
|
|
4572515
|
2021-07-25
|
Getting a credit card
|
Credit card or prepaid card
|
|
| Issue |
Getting a credit card
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Credit card or prepaid card
|
| Sub Issue |
Application denied
|
| Sub Product |
General-purpose credit card or charge card
|
| Date Received |
2021-07-25
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-07-25
|
| Complaint What Happened |
My Sofi credit card was refused saying " Unable to verify Identity '' in the adverse letter attached. However, we made all disputes with XXXX using the CFPB agency services and my identity details are now all complete and all perfectly accurate since a few weeks. I'm copying the latest XXXX credit report showing this assertion. In addition all my good payments have been paid in full and are now correctly reported since the XXXX account opening in 2015 with XXXX past dues. Six full years of XXXX past due with all payments in time and a FICO of XXXX plus identity verified can not lead to a credit card refusal. There is something wrong that have to be corrected. This is not a fair treatment considering the facts and figures. Additionally the denial is too generic and does not allow to focus on any sort of remediation in case on a glitch between credit bureaus or the bank.
|
| Consumer Consent Provided |
Consent provided
|
|
|
1668461
|
2015-11-23
|
Shopping for a loan or lease
|
Consumer Loan
|
|
| Issue |
Shopping for a loan or lease
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Consumer Loan
|
| Sub Product |
Installment loan
|
| Date Received |
2015-11-23
|
| Submitted Via |
Referral
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
No
|
| Date Sent To Company |
2015-12-04
|
| Consumer Consent Provided |
N/A
|
|
|
5228992
|
2022-02-16
|
Incorrect information on your report
|
Credit reporting, credit repair services, or other personal consumer reports
|
|
| Issue |
Incorrect information on your report
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Credit reporting, credit repair services, or other personal consumer reports
|
| Sub Issue |
Information belongs to someone else
|
| Sub Product |
Credit reporting
|
| Date Received |
2022-02-16
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-02-16
|
| Complaint What Happened |
Dear Sir or Madam, On XX/XX/2021 i mailed a letter to the XXXX credit bureaus ( XXXX, XXXX, XXXX ) as well as to Sofi Lending and XXXX XXXX XXXX XXXX disputing collection accounts that were a result of identity theft. I provided a copy of the police report that i filed regarding this matter and the accounts in question have not been removed from my credit report. Please look into this.
|
| Consumer Consent Provided |
Consent provided
|
|
|
4119274
|
2021-02-05
|
Managing an account
|
Checking or savings account
|
|
| Issue |
Managing an account
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Checking or savings account
|
| Sub Issue |
Banking errors
|
| Sub Product |
Checking account
|
| Date Received |
2021-02-05
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-02-05
|
| Complaint What Happened |
I was supposed to receive a {$75.00} bonus for having direct deposit of {$500.00} or more. I completed the promotional requirements but the credit never posted. I have followed up via email and XXXX to no avail.
|
| Consumer Consent Provided |
Consent provided
|
|
|
218971
|
2012-12-30
|
Getting a loan
|
Student loan
|
|
| Issue |
Getting a loan
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Student loan
|
| Sub Product |
Non-federal student loan
|
| Date Received |
2012-12-30
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
No
|
| Date Sent To Company |
2013-05-01
|
| Consumer Consent Provided |
N/A
|
|
|
5470506
|
2022-04-20
|
Unexpected or other fees
|
Money transfer, virtual currency, or money service
|
|
| Issue |
Unexpected or other fees
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Money transfer, virtual currency, or money service
|
| Sub Product |
Virtual currency
|
| Date Received |
2022-04-20
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-04-20
|
| Consumer Consent Provided |
Consent not provided
|
|
|
4837878
|
2021-10-23
|
Managing an account
|
Checking or savings account
|
|
| Issue |
Managing an account
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Checking or savings account
|
| Sub Issue |
Deposits and withdrawals
|
| Sub Product |
Checking account
|
| Date Received |
2021-10-23
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-10-23
|
| Complaint What Happened |
I am a banking customer with this financial institution, and this is a complaint and report of improper and insufficient handling of a fraudulent transaction dispute.
On XX/XX/XXXX, I used my SoFi debit card to purchase a product online ( a bed frame, ) from a vendor " XXXX XXXX ''. The transaction was successful and my account was charged in the amount of {$140.00}. Unfortunately, in the weeks that followed, it appeared quite obvious that I had become a victim of a scam. After not receiving a production on the expected time-frame, I reviewed my order and noticed several red flags : besides NOT receiving my product, the vendor 's website was offline, their " customer support '' address was a private email address and, lastly, they had provided a fake tracking link. All of the above remains the case as of the date of this report. Anyone can verify this information as follows : The website address provided by the vendor : XXXX The XXXX ( XXXX ) tracking number provided by the vendor : XXXX Therefore, I reported the fraudulent transaction to SoFi and opened a dispute via their customer service. On XX/XX/XXXX, I received an email from the SoFi dispute department asking me to provide documentation of the above, and I did, and they claimed they would investigate.
Nearly two months later, on XX/XX/XXXX, I received a followup email from SoFi, claiming that " XXXX XXXX '' responded to them with a rebuttal to my claim, but SoFi refused to share the material that was supposedly supplied to them by the vendor. They said they they sent me an attachment, which I was unable to access. I called them the same day to complain about my inability to access the documentation, and they verbally explained that the vendor 's rebuttal consisted of them sending " pictures of the product they sent '' ( as if that constituted a believable proof that the product was shipped???? ) and the customer support specialist admitted that this was a diversion tactic on the part of the vendor, but continued to refuse to give me access to this " evidence ''. Instead, the support person vehemently insisted I reply to the email I received from SoFi and to state that I " reject the rebuttal '' and when I continued to explain that I would - understandably - like to see WHAT evidence I am disagreeing with, they insisted I just reject. Even though I was visibly unhappy about the lack of proper customer support and I voiced my concern with my banking institution, I realized that they were giving me no choice, and that I had to disagree without seeing the evidence, if I wanted the investigation to continue.
On XX/XX/XXXX, SoFi responded that they concluded nothing was wrong with the transaction and that they closed the investigation, in spite of it being obvious that they had not done their due diligence. They communicated that the investigation was closed, and offered no further assistance, including a possibility of an appeal.
I immediately called them again, and I requested what was the extent of their research, and how could they credibly claim that this had been a legitimate transaction when they clearly had not conducted their research properly. Even just by accessing the information I provided above, it is clear that this vendor 's site continues to be offline, and that the tracking information indicates that the order has never been shipped, and therefore not delivered to my address either. As a matter of fact, SoFi customer support refused to substantiate their investigation in any way, only offering to send me a letter electronically, and I told them that this did not function in the past, and that I was owed an explanation.
Only after insisting and asking several times did the support specialist agree to escalate my complaint to a supervisor, by the name of XXXX XXXX. I revisited the details of the case with Mr XXXX, and he had promised that he would file an internal report and complaint about how this case had been handled by the bank, and also offered to send me the aforementioned evidence that ( supposedly ) had been sent to them by the fraudulent vendor. When I finally received that attachment later that day, it was simply a copy of my transaction that was provided by a third-party processor. Needless to say, it is evident and clearly verifiable from my bank account that I indeed paid for this item and that these funds were deducted from my account. That document was not only NOT the evidence SoFi had previously referred to verbally, it also did not it any way constitute a proof that this order had been fulfilled.
I immediately complained about this by responded to Mr XXXX but have not received any communication from the bank since.
In closing, I am completely mortified by this banking institution utter lack of concern towards protecting their customer from fraudulent vendors. It was evident from all of my communication with the bank that they failed to conduct a proper investigation, and/or to supply any evidence of communication with the vendor as well as any proof of any research / investigation that they completed independently to determine that this was a legitimate transaction and that it had indeed been fulfilled as promised.
To this date, I have not been able to have any response from the vendor, as their website remains offline ( and, I suspect, will remain so indefinitely ) and the tracking information they provided in early XXXX, still appears inaccurate/ false on the shipper 's tracking website.
In doing so, SoFi is failing their customers. They are throwing us under the bus, while at the same time enabling bad actors to get away with fraud by failing to do their due diligence in properly investigating fraudulent transactions.
|
| Consumer Consent Provided |
Consent provided
|
|
|
4663105
|
2021-08-25
|
Problem with a purchase shown on your statement
|
Credit card or prepaid card
|
|
| Issue |
Problem with a purchase shown on your statement
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Credit card or prepaid card
|
| Sub Issue |
Credit card company isn't resolving a dispute about a purchase on your statement
|
| Sub Product |
General-purpose credit card or charge card
|
| Date Received |
2021-08-25
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-08-25
|
| Complaint What Happened |
Late XXXX XXXX I applied and was approved with a SoFi Credit Card .
XX/XX/XXXX, XXXX USPS informed me via their USPS Informed Delivery that a SoFi correspondence is coming and shall be received within the day. It never came.
The week of XXXX XXXX I have filed for an unclaimed letter at USPS but they never got back to me.
The week of XXXX XXXX I called SoFi customer service people regarding my concern of not receiving the card. They advised me to wait and call back within a week before they can replace the card.
XXXX XXXX I received an email and text that they have noticed a transaction at XXXX XXXX XXXX , NY for {$940.00}. I called them and told them that I have not received the card and have not activated the card. They said that I am not liable for it and it will be investigated.
The following week, XXXX XXXX- SoFi 's investigator told me to secure a Statement/ affidavit of loss from the customer service in order for me to file a police report. She told me that after filing a police report, I should give her the incident number, Name of the Police, Address and Fax number. I called the SoFi 's customer service and asked for the said document but sent me a current balance which is {$0.00} as of XX/XX/2021. I have been calling them regarding the said Affidavit of Fraud Form but still they are unaware of the said document.
XXXX XXXX I was surprised that they have completed their own investigation and that they have concluded that I was liable for the said transaction. They have not even presented any proof that I made the said transaction. XXXX XXXX even told me that I have the card, I made the said transaction which is absurd, First of all, How can I file a complaint without SoFi giving me the said affidavit? I was in the police station to file a complaint but they can not entertain me without the said affidavit of fraud from the credit card company.
I have been calling SoFi but we are just running circles. How did they came up such conclusion that I made such fraudulent transaction? Did they even check the IP address that was used if was used via online transaction at XXXX XXXX XXXX?, the phone number that was used to activate the card? did they even check and coordinated with XXXX ' CCTV if I was in the said store if it was done in person? This is just so absurd and I hope I was treated fairly in this matter. They have lapses in judgement making their fraud department unreliable.
|
| Consumer Consent Provided |
Consent provided
|
|
|
5626094
|
2022-06-02
|
Opening an account
|
Checking or savings account
|
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Checking or savings account
|
| Sub Issue |
Didn't receive terms that were advertised
|
| Sub Product |
Checking account
|
| Date Received |
2022-06-02
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-06-02
|
| Consumer Consent Provided |
Consent not provided
|
|
|
3800445
|
2020-08-18
|
False statements or representation
|
Debt collection
|
|
| Issue |
False statements or representation
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Debt collection
|
| Sub Issue |
Attempted to collect wrong amount
|
| Sub Product |
Private student loan debt
|
| Date Received |
2020-08-18
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2020-08-18
|
| Complaint What Happened |
Im becoming increasingly concerned with the servicing provided by XXXX for my loan originated with SoFi. In XXXX they raised my variable interest loan up to 7.18 % from 3.55 % the previous month. I notified them of the error and it was corrected down to 2.98 %. I didnt want to make a big stink about it going up XXXX % for a few days so I let that go after it was fixed.
Then in XXXX I applied for an economic hardship ( XX/XX/20 ) forbearance as a result of medical bills I received. They sent me the form via e-mail & instructed me to return it via my dual authenticated account online. After I completed the form and uploaded it as instructed, they denied the claim without cause communicated to me. I reached out & they indicated said without an actual signature they couldnt approve it. I asked them for alternatives because I dont have a printer and didnt think it made much sense for me to go to fedex to pay for printing in the midst of a pandemic and while applying for an economic hardship forbearance. Further, working for a financial institution myself, I know theyve had months to figure out alternatives to solve for this exact situation so that customers dont have to leave their houses or interact with strangers in the midst of a pandemic.
Despite their lack of assistance, I was able to have my fianc print the form I needed to sign & uploaded it with the requested signature a few days later. It was submitted prior to my due date & I received notification of the forbearance being approved on XX/XX/20 the same way i became aware of the denial previously.
Despite the approval, they still took the money from my account. I called them and told them I needed the money & wouldnt be able to buy groceries unless it was returned. They told me they would process the refund immediately. A week went by, and my checking account was still over drafted because of the payment they took. I called back and they told me they actually HAD NOT processed the refund the week before, and would process it that day. At that point I reached out to my bank to file a dispute because the loan was in forbearance when they withdrew the money and i wanted the overdraft fees refunded also. XXXX botched the refund, and have now the set my principle balance higher than its been since XXXX despite the fact that Ive been making interest payments all along. I should not have to pay interest on the same principle balance more than once as a result of their mistake. Ive asked multiple times for the balance to be returned to the amount quoted in the forbearance agreement.
Im concerned that their servicing contract with the federal government has made SoFi customers less of a priority for XXXX, and operational errors like this are more likely to occur moving forward with any additional volume.
|
| Consumer Consent Provided |
Consent provided
|
|
|
3585770
|
2020-03-30
|
Attempts to collect debt not owed
|
Debt collection
|
|
| Issue |
Attempts to collect debt not owed
|
| Timely |
Yes
|
| Company |
Social Finance, Inc.
|
| Product |
Debt collection
|
| Sub Issue |
Debt was result of identity theft
|
| Sub Product |
Payday loan debt
|
| Date Received |
2020-03-30
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2020-03-30
|
| Consumer Consent Provided |
Consent not provided
|
|
