First Investors Financial Services

This complaint is without merit and erroneousWe received a dispute from this consumer and provided a written response on June 30, In the response we informed him that the credit inquiry is in connection with Application Number [redacted] which was received on 8/16/The application was submitted through [redacted] The email address on the credit application matches the one on the Revdex.com complaintIn addition, the address on his letter from June also matches the address on the applicationTherefore, we had a permissible purpose to obtain a credit report based on an application for creditThe inquiry is valid

Revdex.com: I discussed in detail value of my car and refinance amount which was way above your loan to value ratioassuming your expertise I followed suggestion to run credit anywaythe advice was incorrect and not financially sound because credit report tell you nothing about loan to value when loan amount is knownplease correct your poor advice by taking this inquiry off my creditas a business your level of responsibility is clearI will follow up complaint with New York Attorney General as I am sure many customers experienced my issue I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint [Provide details of why you are not satisfied with this resolution.] Regards,

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint Is it common practice to use a consumers name when signing a letter? Just wondering Regards,

[A default letter is provided here which indicates your acceptance of the business's response If you wish, you may update it before sending it.] Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] and find that this resolution would be satisfactory to me

There is not a resolution We are unable to remove a valid inquiryYou have alreadyAdmitted that a credit application was submitted We are closing this complaint You need to contact the dealershipHave your attorney contact me at [redacted] :

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint First Investors Financial Services, It seems you're not interested in resolving or looking into this issue furtherPlease email me a copy of the authorization you claim you have as well as the contact information for your general counsel so I may forward that on to my lawyerThank you

The information being furnished to the credit bureaus is accurate base on the date the payoff was received. That being said, we will agree to remove it solely as a courtesy since the payoff was submitted by a third party.

It was an error This has been addressed We are closing this complaint If you provide a letter from the dealership indicating that you did not submit the credit application or if you provide an identity theft affidavit or police report alleging identity theft, tehn we will remove the inquiry Otherwise, we will not respond You may send those items to jonathan.***@fifsg.com Of course, if you did apply for financing, the inquiry is valid

Revdex.com: This letter is to inform you that First Investors Financial Services has carried out to my satisfaction the resolution it proposed for my complaint, filed on 9/6/and assigned ID [redacted] Regards,

Thank you for contacting us. Please be advised that, on 7/6/2016, we sent a refund of $*** *** *** * *** *** *** *** *** *** *** ** *** * *** *** ** *** *** ** *** We have reviewed the telephone recording for the transaction in
question. Our review indicates that our employee initially set up the payment for July, but then realized the mistake and explained it to the customer. He then scheduled the payment for June 3, and issued a confirmation e-mail. Unfortunately, the July entry did not get cancelled as required by the employee. We have strongly addressed the employee in question concerning the mistake. Our review indicates that this was a mistake by the employee and not done intentionally. If the evidence indicated that it had been done intentionally, we would have discharged the employee. We regret that this error occurred and apologize for any inconvenience that it may have caused. I would like to invite the customers to contact me if they ever have any questions or concerns about their account, would like to place contact restrictions on the account, or need any additional information. My name is Jonathan P*** and I am the Chief Compliance Officer. ** *** *** ** ***

On 1/20/2016, First Investors received a credit application on behalf of *** *** *** to refinance a Chevrolet Impala. As the consumer indicated in the complaint, the credit application was declined for excessive loan-to-value ratio. We did not know that the credit
application would be declined until AFTER we obtained and reviewed the credit report. Had we known the application would not have been approved, we would not have obtained the report since that is an expense that we incur. We have reviewed the notes and call recordings and no one ever stated that the “credit check was unnecessary.” The credit report review is the first step in the process of reviewing the credit application and is always required. We regret that we were unable to approve the credit application, but the credit inquiry is valid based on receiving the consumer’s credit applicationTell us why here

Please be advised that we received a credit application from *** *** *** *** ** *** on 12/7/for a credit applicant named *** *** with the same SSN and address that you provided. The credit application was to finance the purchase of a *** ***. The
credit application was declined and an adverse action letter was issued. We are unable to remove valid credit inquiries. We received a credit application for evaluation and the credit application you signed had the following disclosure: “By signing this application: I authorize dealer and any finance company, bank, or other financial institution to which the dealer submits my application ("you") to investigate my credit and employment history, obtain credit reports, and release information about your credit experience with me as the law permits. I further authorize you to forward my application and all related information to other creditors for evaluation as a method of effectuating my request for credit.” A review of our records indicates that we issued you a letter informing you of these facts and we provided the contact information to the dealership. If you did not submit an application through the dealership, please have them notify us that the application was sent in error and we will be able to process your request. Otherwise, the credit inquiry was valid and in compliance with the Fair Credit Reporting Act and with your consent. If you are concerned about the impact of the credit inquiry on your credit score, the following information is from the CFPB: Will a lender getting a copy of my credit report affect my score? A single credit inquiry from a lender will have little impact on your credit scoreCredit scoring models also take into account when a consumer is shopping for the best rate on a student loan, auto loan, or mortgage and do not penalize them for this comparison shoppingFor these types of loans, scoring models generally count multiple inquiries as one inquiry if they occur within a reasonably short period of timeIn general, credit inquiries for the same type of loan made within a 14-day period will be treated as no more than a single inquiryFor the most common credit scoring models, student loan, auto loan and mortgage-related inquiries that occur days prior to scoring have no effect at all on your credit scoreOutside this 30-day period, student loan, auto loan and mortgage-related inquiries that occur within any 45-day period are treated as a single inquiryTell us why here

Thank you for letting us know your concernI have investigated this matter and have determined that a payment was applied top your account in error on 10/8/Once the error was discovered, it was reversed and applied to the correct accountThis is why you received a servicing statement
indicating that your next payment would be in JanuaryTherefore, this did not involve an *** payment and your account has not received an *** fee or *** indicator
Based on this, your account is due for the 12/08/paymentIf you make the December payment, we will apply it to your account as of 12/8/and you will not be assessed a fee
When you make the payment, please let me know via e-mail at *** and I will personally make sure it is processed as indicated above
I apologize for this mistake and the confusion it has caused

$is reasonable. I will request the check and it will be sent to you upon receipt. Once again, this was an unintentional error and we regret the inconvenience that it caused and we always want to work with our customers

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID *** and find that this resolution would be satisfactory to me Thank youI'm glad we could work things out

We regret that you are dissatisfied with our response, but, as mentioned, we received a credit application and obtained a credit report to make a credit decision You authorized us to obtain the report when you submitted the application We complied with the FCRA We did not speak with you at the time of application You may be thinking of *** *** ***

[A default letter is provided here which indicates your acceptance of the
business's response. If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID *** and find that this resolution would be satisfactory to me I would like for First Investors to mail me a letter stating that they will remove the negative payment activity from all credit reporting agencies.
*** ***
*** *** ***
*** ** ***

I have received the following from our *** *** *** "We just received an *** *** on 5/30/17. She called us on 6/1/to have the balance updated and we advised her that it would be updated when we transmit the May month-end file. She called again on 6/6/and
she was advised the same thing. We never refused to update it. We only advised her of our credit reporting process, and the team generally tells customers that updates are sent to the *** within the first to weeks of the month reflecting information from the prior month which that timeframe has not passed yet. As soon as Conduent completes the exclusions from the file, we will be ready to transmit it to the ***" Therefore, the account will be updated very soon when the credit file is submitted to the *** We do not submit every day

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  
Is it common practice to use a consumers name when signing a letter?  Just wondering
Regards,

Revdex.com: I discussed in detail value of my car and refinance amount which was way above your loan to value ratio. assuming your expertise I followed suggestion to run credit anyway. the advice was incorrect and not financially sound because credit report tell you nothing about loan to value when loan amount is known. please correct your poor advice by taking this inquiry off my credit. as a business your level of responsibility is clear. I will follow up complaint with New York Attorney General as I am sure many customers experienced my issue. 
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  
[Provide details of why you are not satisfied with this resolution.]
Regards,