BayCoast Bank

BayCoast Mortgage Company was made aware of this gentleman’s desire to refinance his home mortgage loan via a lead received through [redacted] that was initiated by his use of the [redacted] service [redacted] ’s terms of use indicate that [redacted] and lenders may perform a soft pull of credit, but only for the purposes of verifying the identity of individuals These same terms go on to state “During the lender application process, they may also ask to see your driver’s license or other identifying documentation to further properly identify you; in addition the lender will be required to do a hard inquiry of your credit that will impact your credit score.” BayCoast Mortgage Company does not perform soft inquiriesThe fact of the matter is that this gentleman did express a desire to formally apply for a mortgage loan based on our records and e-mail correspondence As a result, we believe that we had a permissible purpose under the Fair Credit Reporting Act to perform a credit inquiryWe are sorry that this gentleman is dissatisfied with his experience with BayCoast Mortgage Company We have no reason to believe that the loan officer intentionally acted to mislead him regarding the loan process It is our determination that there was regrettably some miscommunicationBayCoast Mortgage Company has no ability unilaterally to remove the hard inquiry from this gentleman’s credit profiles with the consumer reporting agencies ( [redacted] ) Consumer reporting agencies will consider removing an inquiry only if a lender performed the inquiry in error In this case, the inquiry was not performed in error

Revdex.com: I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted] [The Bank's response is erroneous on two counts:The 'soft pull', no doubt another trade name for quietly compromising the client, was done with my permission, but with the assurance from the loan officer that it would not affect my credit score, which in fact it didWhen I brought this point up to the senior loan official, I was assured that he would be in touch with the credit agency to reverse the processNever hear from him afterwardsI had never formally applied for a mortgage! I was simply looking for a rateThe loan officer would tease me with standard market rates, but asked me for my details to give a more specific figureWhen I supplied him with basic information, hence triggering the credit agency, he came back and supplied me with loan docs to get the final rateAll part of a scheme to drag in a customer without making any commitments or offering any valueIn the meantime, I waste hours on generating data for them and harm my credit scoreThese wise-guys should be slapped!] Regards, [redacted]

BayCoast Mortgage Company was made aware of this gentleman’s desire to refinance his home mortgage loan via a lead received through [redacted] that was initiated by his use of the [redacted] service. [redacted]’s terms of use indicate that [redacted] and lenders may perform a soft pull of...

credit, but only for the purposes of verifying the identity of individuals.  These same terms go on to state “During the lender application process, they may also ask to see your driver’s license or other identifying documentation to further properly identify you; in addition the lender will be required to do a hard inquiry of your credit that will impact your credit score.”  BayCoast Mortgage Company does not perform soft inquiries. The fact of the matter is that this gentleman did express a desire to formally apply for a mortgage loan based on our records and e-mail correspondence.  As a result, we believe that we had a permissible purpose under the Fair Credit Reporting Act to perform a credit inquiry. We are sorry that this gentleman is dissatisfied with his experience with BayCoast Mortgage Company.  We have no reason to believe that the loan officer intentionally acted to mislead him regarding the loan process.  It is our determination that there was regrettably some miscommunication. BayCoast Mortgage Company has no ability unilaterally to remove the hard inquiry from this gentleman’s credit profiles with the 3 consumer reporting agencies ([redacted]).  Consumer reporting agencies will consider removing an inquiry only if a lender performed the inquiry in error.  In this case, the inquiry was not performed in error.

Revdex.com:
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # [redacted].  
[The Bank's response is erroneous on two counts:1. The 'soft pull', no doubt another trade name for quietly compromising the client, was done with my permission, but with the assurance from the loan officer that it would not affect my credit score, which in fact it did. When I brought this point up to the senior loan official, I was assured that he would be in touch with the credit agency to reverse the process. Never hear from him afterwards.2. I had never formally applied for a mortgage! I was simply looking for a rate. The loan officer would tease me with standard market rates, but asked me for my details to give a more specific figure. When I supplied him with basic information, hence triggering the credit agency, he came back and supplied me with loan docs to get the final rate. All part of a scheme to drag in a customer without making any commitments or offering any value. In the meantime, I waste hours on generating data for them and harm my credit score. These wise-guys should be slapped!]
Regards,
[redacted]