We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.According to our records, on 6/15/2015 a RISE installment loan was originated in the name of [redacted], in the principal amount of $3500. When that loan defaulted, we began...
making collection calls to the telephone numbers we have on record for the loan. On 9/25/2015, a RISE agent reached [redacted]; he stated that he had not applied for nor received a loan from RISE. Our agent explained that we would require [redacted] to submit a notarized identity theft affidavit in order to proceed with an identity theft investigation. This is in accordance with our standard operating practices and is consistent with regulatory requirements.A blank affidavit may be obtained at the following website: [redacted]. [redacted] may email the completed affidavit to [redacted], or he may fax it to [redacted]. We also suggest that [redacted] visits the Federal Trade Commission’s website, www.identitytheft.gov, which provides extensive information to assist consumers with identity theft recovery.We would like to assure [redacted] that RISE takes ID fraud very seriously. Our underwriting process includes multiple techniques designed to detect fraudulent loan applications, and we diligently work to continuously improve these processes to stay ahead of perpetrators of fraud. When we receive [redacted]’s affidavit, we will begin our investigation and take prompt action to resolve this matter. In the meantime, we have blocked the phone numbers associated with this account to prevent further collection calls.Thank you for the opportunity to address [redacted]’s concerns. If he has any additional questions or concerns, he may contact our fraud department directly by email at [redacted] or by telephone at [redacted]
We are in receipt of the complaint that you filed with the Fort Worth Revdex.com, and appreciate the opportunity to respond.On 5/31/2015, RISE experienced a system issue that impacted some of our customers who refinanced their existing loans; unfortunately, you were one of...
the customers affected by this.When a loan is refinanced, a new loan is established which includes the payoff amount of the original loan, plus the amount of additional principal advanced. Your new loan deposit failed to fund by ACH as it should have, so no additional funds were sent to you and no funds were applied to the original loan. The payoff of your original loan was instead processed as an ACH debit from your checking account, in the amount of $232.91.We refunded the $232.91 debit that was taken from your checking account by mistake, plus $30 for an NSF fee that you incurred as a result of this issue; and we have cancelled the new loan, so it no longer exists. Also, as courtesy, we have allowed your original loan to remain paid off—in other words, RISE has paid the $232.91 balance of your original loan on your behalf. At this point, you have no active loan and your account is in good standing.We sincerely apologize for any inconvenience that you experienced as a result of this issue. Please call customer support at [redacted] if you have any questions or additional concerns.
We are in receipt of the above referenced complaint, and appreciate the opportunity to respond.We have reviewed our records, and it appears that [redacted] has never had an account with RISE (formerly known as PayDay One). Upon receiving this complaint, we sent [redacted] an email to confirm...
this finding, and to assure her that the people who contacted her are not in any way associated with RISE.Unfortunately, this is not the first time we have heard of this sort of thing. These are phony debt collectors who claim to be with collection agencies or law firms representing RISE or PayDay One—they make inappropriate threats to influence people to make payments to them. We advised [redacted] not to release any personal information or make any payment to them. We also suggested that she may contact the Federal Trade Commission (FTC) to report this activity.Thank you for the opportunity to address this [redacted]’s concerns.
We are in receipt of [redacted]’s rejection of our last response, and appreciate the opportunity to respond.As we explained in that response, as of 6/29/2015, we no longer accept credit card payments. When making payments in the past, [redacted] may have referred to her card as a debit card. However, our payment processing system has always read the card as a credit card and processed the transactions as credit rather than debit transactions. We will accept debit card payments, but our research verified that [redacted]’s card is not classified as a debit card, so we can no longer accept it for payments.Although we regret that this change in policy has inconvenienced [redacted], we would like to remind her that she remains obligated for repayment according to the Loan Agreement that she signed when she accepted the loan on 8/29/2014. In our previous response, we provided alternative payment options that would not require [redacted] to open a new checking account; and, as a courtesy, we have already credited her RISE account with$153.90. [redacted] may call our account services department at [redacted] for assistance with repayment.
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.RISE Credit of Illinois, LLC D/B/A RISE Credit holds a Consumer Installment Loan License issued by the State of Illinois Department of Financial and Professional Regulation, Division of...
Financial Institutions. Although we do recommend our services to those without access to other types of credit, we do not guarantee that every applicant will be approved. The requirements listed on our website are minimums. Every consumer is different, so RISE reviews each applicant on their own merit. We evaluate each application based on a proprietary automated credit scoring process. Among other things, our underwriting process includes verifications with various credit reporting agencies, and third party data analytics.According to our records, [redacted] has submitted several applications for a RISE installment loan, most recently on 7/16/2015. Each time that [redacted] applied, she electronically signed an application which includes an acknowledgement that she read and agreed to our Terms and Conditions. According to those Terms and Conditions, we may make inquiries concerning credit history and standing.RISE does not share consumer information with third parties, so we are unable to address Ms. Glasco’s concern about spam email and phone calls.Sincerely,RISE
We are in receipt of the referenced consumer complaint and appreciate the opportunity to respond.According to our records, [redacted] received a RISE installment loan on 5/14/2015 in the principal amount of $1500, payable in 29 bi-weekly installments of $180.71. To date, seven...
payments of $180.71 have posted to [redacted]’s account. [redacted]’s account was charged off on 10/22/2015.We strive to be transparent and straightforward about our product, and our rates and terms so that consumers can make an informed choice. When [redacted] accepted her loan, she electronically signed a Loan Agreement that included Federal Truth in Lending Disclosures which clearly state the Annual Percentage Rate, the Finance Charge, and the exact payment schedule for the loan. In the application process, RISE customers are given the choice to repay their loan via ACH withdrawals or by other means. [redacted] chose to repay via ACH, and gave her consent for those automatic withdrawals when she signed the Loan Agreement. Customers may cancel their authorization for RISE to draft payments via ACH at any time—the Loan Agreement provides instructions for revoking the ACH Authorization.According to the Loan Agreement, interest accrues daily, and payments are applied first to fees dues, then to accrued interest, then to principal. As with all installment loans, more interest accrues in the beginning of repayment when the principal balance is highest, so a larger portion of each payment is applied to interest than to principal. As the principal balance is reduced over time, less interest accrues, so the portion of each payment that is applied to principal gradually increases. Of course, this effect is most apparent when payments are posted timely, according to the payment schedule. In [redacted]’s case, several of her payments were returned due to insufficient funds. Because these payments were not posted timely, additional interest accrued. Also, for each returned payment, a $15 insufficient funds fee was added to the account. Per the Loan Agreement, when subsequent payments were applied, the NSF fees were paid first, so less was applied to principal.Our records do not indicate that [redacted] ever contacted us to discuss any of these issues, until after her account was charged off. We encourage [redacted] to call our account services department at [redacted] to discuss options to resolve her account. Thank you for the opportunity to address this matter.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.I appreciate what RISE is planning to do in order to resolve my dispute. I would like it known in writing that I sent the affidavit with a photo ID to RISE 3 times. I was also told if I provided my case number from law enforcement with the contact name of the officer, there was no need to have the documents notorized. The CSR at RISE told me they would contact the officer directly, especially since they had more information to share with law enforcement than they would share with me. It is obvious RISE did not take any action. It was easier to harass me. This organization has no integrity. The bigger problem that still exists is this type of business is allowing identity thieves to use the identity of law abiding citizens to open online accounts WITHOUT any type of proof of who actually opened the account. Why is there no request for a notorized proof of identity REQUIRED prior to transferring money into random bank accounts set up by the thieves. That is a bigger issue. Please investigate how this is allowed to happen. RISE has caused me and I'm sure many others, so much stress over the past couple of months for not properly screening applicants and threatening and ruining the reputations of good, innocent people.
Finally I need RISE to have this negative item removed from my credit report. I would like to receive confirmation from all agencies RISE reported this fraudulent transaction too, confirm this fraudulent transaction has been removed from my credit report. Once this has been resolved I will be satisfied with the resolution.
Regards,
[redacted]
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.According to our records, an application for a RISE installment loan was submitted in the name of Velmateresa Jordan on 7/14/2015; however, no loan was funded.In accordance with our...
standard operating practices, and consistent with regulatory requirements, we request that [redacted] provide us with a completed and notarized identity theft affidavit. This will provide us with enough information to verify and document that an identity theft has actually occurred. [redacted] may obtain a blank affidavit on the Federal Trade Commission’s web site: [redacted] . [redacted] may email the completed [redacted], or she may fax it to [redacted].We take matters like this very seriously and will work diligently to help resolve this, upon receipt of the requested identity theft affidavit. We also suggest that [redacted] visits the Federal Trade Commission’s website, [redacted] , which provides extensive information to assist consumers with identity theft.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.According to our records, [redacted] received a RISE installment loan in the principal amount of $2600 on 1/7/2014. Payments of $198.74 were due bi-weekly, starting on 1/29/2014. When she...
accepted the loan, [redacted] agreed for her payments to be processed by ACH. The first payment we attempted was returned by her bank on 1/30/2014, with a code indicating that her bank account number was invalid. Therefore, we cancelled future ACH transactions as of that date, and did not make any additional attempts to submit ACH payments to that account.On 2/6/2014, a RISE agent spoke to [redacted] about the returned, and now past due, payment. [redacted] did make a payment during that call in the amount of $1000; however, it was paid by credit card, not with bank account information. The agent did not make any notation of a request for an interest adjustment.Regarding [redacted]’s attempts to contact RISE after that, we can only advise that there would have been ample opportunity for her to reach us. RISE agents are available by phone from 8am to 10pm ET Monday through Friday, and Saturday from 9am to 5pm ET. We also provide an email form and a mailing address in the “Contact” section of our website, but our records do not reflect that we received any correspondence from [redacted].RISE agents attempted to contact [redacted] many times to arrange for repayment of the loan, without success. The account was charged off more than a year ago, on 4/24/2014 in the amount of $2672.29. RISE no longer owns or services [redacted]’s loan, as the debt was subsequently sold. Our records indicate that [redacted] became the new servicer at the time of the debt sale. [redacted] may be an NCA affiliate; however, [redacted] may contact NCA directly for further information. They may be reached by phone at [redacted], or by mail at [redacted]
[redacted]Revdex.comMESSAGE:Hello,The response to my complaint against Rise Credit was received while I was on vacation and the complaint closed before I returned. I would like to clarify some of the points made in the response.When I spoke to the agent on 2/6/14 because the payment had not gone through he re-entered my account number, but it was not incorrect. If it had been incorrect, the deposit could not have gone through successfully. I confirmed this point with the agent. He made the comment that some banks reject the withdrawal from RISE because they may see it as unauthorized. When I checked with my bank at a later date there had been NO ping to my account of an attempt to withdraw funds to pay the loan. I have held the account at California Coast Credit Union since November 2003 and my account information has remained the same. They have confirmed that if they suspected the transfer request was fraudulent, they would have contacted me directly. (I have had experience with this when my credit card was stolen and when I’ve made purchases out of the country). When I talked to the agent ([redacted] I’m guessing at the name but I think it began with a J) he re-entered the account but he verified that the account number originally posted was correct. In fact, he had me read the number, confirmed that it was the same he had and then said he would re-enter it to be safe and had me read it again. When I asked if the process was the same for the deposit he said yes - RISE would have been unable to transfer money into my account if they did not have the correct account number. Oh, and by the way, the $2600 I borrowed was still in the account when both payments would have been made so it wasn’t insufficient funds.The agent also promised that the interest would be deducted from the last 7 days (around $164) since the account number was not incorrect and therefore my payment was not late. He said I would receive notification by email and by mail. Unfortunately, there is no way for me to verify this. I suppose this is something the agent knew because he was very quick to make this promise. When researching the business history of RISE I found a number of similar complaints where customers were told their accounts denied the withdrawal of the loan payment because the “account number was wrong” and yet, like myself, the loan deposits happened without issue. If the loan deposit was made to my account, there must be record of my changing the account number for the loan repayment, correct? However, I only entered the account number once. Subsequent entries were made by the RISE agents.What I am positing is the loan repayment was not taken on time so that I would accrue extra interest. When, on Feb 6, I paid $1000 of the loan back and my account was verified, it became more profitable for RISE to claim my account number was incorrect yet again and charge more interest. By my calculations, the difference in interest with the loan would have been from about $3-4K. When I checked my loan again in April (after trying to call several times and getting nowhere) I once again owed over $2600. In Feb my loan balance after payment was around $1976.54. Suspiciously, in March I started to receive mailings for another loan company called Great Lakes Lending, or something like that for another installment loan program. When I looked them up online I discovered they are a company owned by ThinkCash - the same company that owns RISE. Why would a company who has a so-called delinquent customer in its database continue to solicit that customer with a history of nonpayment for another loan? If I default on my American Express payment, they don’t send me another card with carte blanche to spend more money. A company wants to get a return and interest (especially at 224%) is the easiest way to achieve that.I tried to accept responsibility for my loan, but it seems the cards were not stacked in my favor. I feel as though I’ve been misled by barely legal business practices and set up to fail. On the one hand, if RISE never had my correct account number to make the deposit, then I clearly did not borrow the money to begin with. If the practices for the deposit are drastically different than for the withdrawal I would like proof of that process that my attorney and my bank can review and verify because this is a situation that makes little sense to me. I can produce documentation from my bank saying the account number has never changed, that the deposit of the loan was made, the account balance was sufficient to make the loan payments and that no attempts were made from RISE to transfer the loan payments from my account. I don’t know what else to do to prove that I was in the position to pay back the loan but RISE was not being cooperative. I have thought about a resolution that would be satisfactory to me since I filled out the original complaint. I would like RISE to take the loan back from NCA and make proper arrangements with me for repayment of the amount of $1976.54 with no additional interest charged. I would like the negative history expunged from my credit record.ThinkCash has done business under a variety of names and I have found numerable complaints against them all. My initial investigation has shown that the people who were charged the higher interest rates, like I was, were the ones who had trouble with their withdrawal payments. People charged the lower interest rates did not seem to have this same issue. Is it the Revdex.com’s jurisdiction to look into such things officially? Or should I notify Consumer Fraud?Thanks for your attention to this issue,[redacted]
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.
Regards,
[redacted]
They are incorrect that I have submitted several applications. One once in January and never again. Every time I get an email for advertisement purposes I go to their website trying to close my account and it opens to a page stating I am not approved. They have their website automatically set to submit said application when one signs onto their account. They will not let me delete this account.
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.We have reviewed our records, and see that [redacted] contacted us by phone and email to explain her financial situation. Our agent applied a 7 day courtesy extension to the payment that...
was originally due on 8/21/2015, extending the due date to 8/28/2015. Our agent responded to [redacted]
[redacted]’s email on 8/25/2015 to advise that no further extensions were available. When [redacted] called on 8/27/2015, the agent explained that the ACH payment transaction had already been processed for the 8/28/2015 due date, and reminded her of the 7 day extension which had already been granted. According to our records, we didn’t hear from [redacted] again before her next payment was processed on 9/3/2015, for the 9/4/2015 due date. That payment was returned to us due to insufficient funds.As a courtesy to [redacted], in consideration of her situation, we have decided to waive the remaining balance due on her account. The account is now paid-in-full.Thank you for the opportunity to address [redacted]’s concerns.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.
They are predatory lenders and should not be in business.
Regards,
[redacted]
We are in receipt of the complaints that you submitted to our Executive officers and to the Revdex.com, and appreciate the opportunity to respond.We were sorry to hear about your recent difficulties with the funding of your approved loan. We have researched our records of...
the events leading up to this complaint, and can see that there were times when our customer service fell short.Most RISE installment loans are funded by direct ACH deposit to a checking account. Our online application form explicitly states that you must have a checking account, and that we do not accept savings accounts. However, when you filled out your RISE loan application on 8/10/2015, you put a savings account number in the “checking account” field. Although your loan was initially approved, when it was determined that the account was a savings account, funding your loan by paper check was our only option. Prior to funding loans by paper check, we require additional documents for verification purposes, which you provided. When verification was completed on 8/14/2015, your loan was approved, and a check request was initiated. According to our records, the check was put in the mail on 8/18/2015, and USPS records indicate that you have received the check.Unfortunately, our agents did not clearly explain the issues with your loan funding, and in some instances provided incorrect information. We will provide appropriate coaching to the agents involved. We truly apologize for your customer service experience.
We are in receipt of the above referenced complaint, and appreciate the opportunity to respond.According to our records, [redacted]’s most recent loan was paid in full on 5/22/2015. Our agents told him that credit reporting would be updated in June. Each month, RISE reports...
to TransUnion the status of all accounts as of the previous month end; credit reporting is not automatic. After we have sent the information to TransUnion, they may take some additional time to update consumer’s records. We apologize if this was not made clear to [redacted].Upon receiving this complaint on 6/25/2015, we immediately pulled a TransUnion Account Reporting Review, which is a real-time snapshot of the reporting status of [redacted]’s RISE accounts. Based on that review, it appears that [redacted]’s loan statuses are all reported accurately. The report did indicate that a loan was opened on 4/30/2015, but showed that loan account as closed, with a -0- balance. We sent a copy of this report to [redacted] on 6/25/2015, and advised him that it appears that his loans have all been accurately reported.If [redacted] still has concerns about how his RISE loans have been reported, we ask that he provide us a copy of the report in which he sees an error, and we will research the issue further.Thank you for the opportunity to assist.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.I have verified with my bank on all of my cards that they are not classified as a credit card as their response claims. As mentioned, I'm well aware of my responsibility, but yet am unable to make any payment to my account (despite the suggestions that were "offered") as they were attempted many times. I've had my bank involved prior to filing this complaint and they have verified everything for me more than a few times and ensure that everything is set up properly. As I mentioned - I only have the two bank accounts from the same bank so I still have no way of making a payment and no suggestions were offered (really). I must use caution (as directed by my bank authorities) wince this very much appears to be activity that at the very least is nearing the line of being illegal and predatory (if not crossing it already). I'm still awaiting a real solution and suggestion as nothing I've offered has been accepted as payment.
Regards,
[redacted]
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.According to our records, [redacted] accepted a RISE installment loan on 8/21/2014 in the principal amount of $2600. When he accepted the loan, [redacted] electronically signed...
a Loan Agreement which includes Federal Truth in Lending Disclosures that clearly state the Annual Percentage Rate, the Finance Charge, and the exact payment schedule for his loan. He has made 9 payments, but on 7/2/2015, we received notification from [redacted]’s bank that he had stopped payment on his 10th payment.When [redacted] defaulted on his Loan Agreement, our agents did begin attempts to contact him in that regard. Our records indicate that we only made contact with [redacted] three times; on 7/3/2015, 7/8/2015 and 7/12/2015. We have listened to the recordings of those calls, and found that in all three instances our agents spoke to [redacted] in a polite and professional manner.As requested in this complaint, we have blocked [redacted]’s phone numbers in our system to prevent any additional telephone calls. However, [redacted] does remain obligated for repayment of his loan in accordance with the terms in his Loan Agreement. We encourage [redacted] to call our account services department at 866-580-1227 to discuss repayment options.
We are in receipt of the above referenced complaint, and appreciate the opportunity to respond.RISE evaluates each application that is submitted based on a proprietary automated credit scoring process. Among other things, our process includes verifications with various credit...
reporting agencies, and third party data analytics. It is in our company’s interest to validate the identities of the people with which we do business. We are investigating the circumstances surrounding the approval of this loan to identify any opportunities to enhance our application underwriting procedures.RISE takes matters like this very seriously, and will pursue an investigation of the identity theft. We will delete this tradeline from [redacted]’ TransUnion credit file.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.I was repeatedly on the phone with my bank and with RISE to resolve this and provided the bank with the information I was given. They checked the records (and classification) for the card (as requested) and could not identify anything that indicates it as a credit card or as a prepaid card of any sort. The bank manager had offered to take their call to which RISE declined (in the event I wasn't explaining it correctly). Furthermore, every time I called in to pay for my card previously, I indicated that the card was a debit card and not a prepaid or credit card. I find it nearly impossible to understand that there is no possible way to make a payment to RISE without opening up a bank account at a completely separate bank as I've tried both debit cards associated with the only bank accounts that I have. I should not have to go through the inconvenience of opening up another bank account at another bank to complete transactions that I've completed in the past. Particularly when my bank has assured me that what I was instructed to tell them truly makes no sense in terms of banking.
Regards,
[redacted]
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.According to our records, on 6/15/2015 a RISE installment loan was originated in the name of [redacted], in the principal amount of $3500. When that loan defaulted, we began...
making collection calls to the telephone numbers we have on record for the loan. On 9/25/2015, a RISE agent reached [redacted]; he stated that he had not applied for nor received a loan from RISE. Our agent explained that we would require [redacted] to submit a notarized identity theft affidavit in order to proceed with an identity theft investigation. This is in accordance with our standard operating practices and is consistent with regulatory requirements.A blank affidavit may be obtained at the following website: [redacted]. [redacted] may email the completed affidavit to [redacted], or he may fax it to [redacted]. We also suggest that [redacted] visits the Federal Trade Commission’s website, www.identitytheft.gov, which provides extensive information to assist consumers with identity theft recovery.We would like to assure [redacted] that RISE takes ID fraud very seriously. Our underwriting process includes multiple techniques designed to detect fraudulent loan applications, and we diligently work to continuously improve these processes to stay ahead of perpetrators of fraud. When we receive [redacted]’s affidavit, we will begin our investigation and take prompt action to resolve this matter. In the meantime, we have blocked the phone numbers associated with this account to prevent further collection calls.Thank you for the opportunity to address [redacted]’s concerns. If he has any additional questions or concerns, he may contact our fraud department directly by email at [redacted] or by telephone at [redacted]
We are in receipt of the complaint that you filed with the Fort Worth Revdex.com, and appreciate the opportunity to respond.On 5/31/2015, RISE experienced a system issue that impacted some of our customers who refinanced their existing loans; unfortunately, you were one of...
the customers affected by this.When a loan is refinanced, a new loan is established which includes the payoff amount of the original loan, plus the amount of additional principal advanced. Your new loan deposit failed to fund by ACH as it should have, so no additional funds were sent to you and no funds were applied to the original loan. The payoff of your original loan was instead processed as an ACH debit from your checking account, in the amount of $232.91.We refunded the $232.91 debit that was taken from your checking account by mistake, plus $30 for an NSF fee that you incurred as a result of this issue; and we have cancelled the new loan, so it no longer exists. Also, as courtesy, we have allowed your original loan to remain paid off—in other words, RISE has paid the $232.91 balance of your original loan on your behalf. At this point, you have no active loan and your account is in good standing.We sincerely apologize for any inconvenience that you experienced as a result of this issue. Please call customer support at [redacted] if you have any questions or additional concerns.
We are in receipt of the above referenced complaint, and appreciate the opportunity to respond.We have reviewed our records, and it appears that [redacted] has never had an account with RISE (formerly known as PayDay One). Upon receiving this complaint, we sent [redacted] an email to confirm...
this finding, and to assure her that the people who contacted her are not in any way associated with RISE.Unfortunately, this is not the first time we have heard of this sort of thing. These are phony debt collectors who claim to be with collection agencies or law firms representing RISE or PayDay One—they make inappropriate threats to influence people to make payments to them. We advised [redacted] not to release any personal information or make any payment to them. We also suggested that she may contact the Federal Trade Commission (FTC) to report this activity.Thank you for the opportunity to address this [redacted]’s concerns.
We are in receipt of [redacted]’s rejection of our last response, and appreciate the opportunity to respond.As we explained in that response, as of 6/29/2015, we no longer accept credit card payments. When making payments in the past, [redacted] may have referred to her card as a debit card. However, our payment processing system has always read the card as a credit card and processed the transactions as credit rather than debit transactions. We will accept debit card payments, but our research verified that [redacted]’s card is not classified as a debit card, so we can no longer accept it for payments.Although we regret that this change in policy has inconvenienced [redacted], we would like to remind her that she remains obligated for repayment according to the Loan Agreement that she signed when she accepted the loan on 8/29/2014. In our previous response, we provided alternative payment options that would not require [redacted] to open a new checking account; and, as a courtesy, we have already credited her RISE account with$153.90. [redacted] may call our account services department at [redacted] for assistance with repayment.
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.RISE Credit of Illinois, LLC D/B/A RISE Credit holds a Consumer Installment Loan License issued by the State of Illinois Department of Financial and Professional Regulation, Division of...
Financial Institutions. Although we do recommend our services to those without access to other types of credit, we do not guarantee that every applicant will be approved. The requirements listed on our website are minimums. Every consumer is different, so RISE reviews each applicant on their own merit. We evaluate each application based on a proprietary automated credit scoring process. Among other things, our underwriting process includes verifications with various credit reporting agencies, and third party data analytics.According to our records, [redacted] has submitted several applications for a RISE installment loan, most recently on 7/16/2015. Each time that [redacted] applied, she electronically signed an application which includes an acknowledgement that she read and agreed to our Terms and Conditions. According to those Terms and Conditions, we may make inquiries concerning credit history and standing.RISE does not share consumer information with third parties, so we are unable to address Ms. Glasco’s concern about spam email and phone calls.Sincerely,RISE
We are in receipt of the referenced consumer complaint and appreciate the opportunity to respond.According to our records, [redacted] received a RISE installment loan on 5/14/2015 in the principal amount of $1500, payable in 29 bi-weekly installments of $180.71. To date, seven...
payments of $180.71 have posted to [redacted]’s account. [redacted]’s account was charged off on 10/22/2015.We strive to be transparent and straightforward about our product, and our rates and terms so that consumers can make an informed choice. When [redacted] accepted her loan, she electronically signed a Loan Agreement that included Federal Truth in Lending Disclosures which clearly state the Annual Percentage Rate, the Finance Charge, and the exact payment schedule for the loan. In the application process, RISE customers are given the choice to repay their loan via ACH withdrawals or by other means. [redacted] chose to repay via ACH, and gave her consent for those automatic withdrawals when she signed the Loan Agreement. Customers may cancel their authorization for RISE to draft payments via ACH at any time—the Loan Agreement provides instructions for revoking the ACH Authorization.According to the Loan Agreement, interest accrues daily, and payments are applied first to fees dues, then to accrued interest, then to principal. As with all installment loans, more interest accrues in the beginning of repayment when the principal balance is highest, so a larger portion of each payment is applied to interest than to principal. As the principal balance is reduced over time, less interest accrues, so the portion of each payment that is applied to principal gradually increases. Of course, this effect is most apparent when payments are posted timely, according to the payment schedule. In [redacted]’s case, several of her payments were returned due to insufficient funds. Because these payments were not posted timely, additional interest accrued. Also, for each returned payment, a $15 insufficient funds fee was added to the account. Per the Loan Agreement, when subsequent payments were applied, the NSF fees were paid first, so less was applied to principal.Our records do not indicate that [redacted] ever contacted us to discuss any of these issues, until after her account was charged off. We encourage [redacted] to call our account services department at [redacted] to discuss options to resolve her account. Thank you for the opportunity to address this matter.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.I appreciate what RISE is planning to do in order to resolve my dispute. I would like it known in writing that I sent the affidavit with a photo ID to RISE 3 times. I was also told if I provided my case number from law enforcement with the contact name of the officer, there was no need to have the documents notorized. The CSR at RISE told me they would contact the officer directly, especially since they had more information to share with law enforcement than they would share with me. It is obvious RISE did not take any action. It was easier to harass me. This organization has no integrity. The bigger problem that still exists is this type of business is allowing identity thieves to use the identity of law abiding citizens to open online accounts WITHOUT any type of proof of who actually opened the account. Why is there no request for a notorized proof of identity REQUIRED prior to transferring money into random bank accounts set up by the thieves. That is a bigger issue. Please investigate how this is allowed to happen. RISE has caused me and I'm sure many others, so much stress over the past couple of months for not properly screening applicants and threatening and ruining the reputations of good, innocent people.
Finally I need RISE to have this negative item removed from my credit report. I would like to receive confirmation from all agencies RISE reported this fraudulent transaction too, confirm this fraudulent transaction has been removed from my credit report. Once this has been resolved I will be satisfied with the resolution.
Regards,
[redacted]
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.According to our records, an application for a RISE installment loan was submitted in the name of Velmateresa Jordan on 7/14/2015; however, no loan was funded.In accordance with our...
standard operating practices, and consistent with regulatory requirements, we request that [redacted] provide us with a completed and notarized identity theft affidavit. This will provide us with enough information to verify and document that an identity theft has actually occurred. [redacted] may obtain a blank affidavit on the Federal Trade Commission’s web site: [redacted] . [redacted] may email the completed [redacted], or she may fax it to [redacted].We take matters like this very seriously and will work diligently to help resolve this, upon receipt of the requested identity theft affidavit. We also suggest that [redacted] visits the Federal Trade Commission’s website, [redacted] , which provides extensive information to assist consumers with identity theft.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.According to our records, [redacted] received a RISE installment loan in the principal amount of $2600 on 1/7/2014. Payments of $198.74 were due bi-weekly, starting on 1/29/2014. When she...
accepted the loan, [redacted] agreed for her payments to be processed by ACH. The first payment we attempted was returned by her bank on 1/30/2014, with a code indicating that her bank account number was invalid. Therefore, we cancelled future ACH transactions as of that date, and did not make any additional attempts to submit ACH payments to that account.On 2/6/2014, a RISE agent spoke to [redacted] about the returned, and now past due, payment. [redacted] did make a payment during that call in the amount of $1000; however, it was paid by credit card, not with bank account information. The agent did not make any notation of a request for an interest adjustment.Regarding [redacted]’s attempts to contact RISE after that, we can only advise that there would have been ample opportunity for her to reach us. RISE agents are available by phone from 8am to 10pm ET Monday through Friday, and Saturday from 9am to 5pm ET. We also provide an email form and a mailing address in the “Contact” section of our website, but our records do not reflect that we received any correspondence from [redacted].RISE agents attempted to contact [redacted] many times to arrange for repayment of the loan, without success. The account was charged off more than a year ago, on 4/24/2014 in the amount of $2672.29. RISE no longer owns or services [redacted]’s loan, as the debt was subsequently sold. Our records indicate that [redacted] became the new servicer at the time of the debt sale. [redacted] may be an NCA affiliate; however, [redacted] may contact NCA directly for further information. They may be reached by phone at [redacted], or by mail at [redacted]
[redacted]Revdex.comMESSAGE:Hello,The response to my complaint against Rise Credit was received while I was on vacation and the complaint closed before I returned. I would like to clarify some of the points made in the response.When I spoke to the agent on 2/6/14 because the payment had not gone through he re-entered my account number, but it was not incorrect. If it had been incorrect, the deposit could not have gone through successfully. I confirmed this point with the agent. He made the comment that some banks reject the withdrawal from RISE because they may see it as unauthorized. When I checked with my bank at a later date there had been NO ping to my account of an attempt to withdraw funds to pay the loan. I have held the account at California Coast Credit Union since November 2003 and my account information has remained the same. They have confirmed that if they suspected the transfer request was fraudulent, they would have contacted me directly. (I have had experience with this when my credit card was stolen and when I’ve made purchases out of the country). When I talked to the agent ([redacted] I’m guessing at the name but I think it began with a J) he re-entered the account but he verified that the account number originally posted was correct. In fact, he had me read the number, confirmed that it was the same he had and then said he would re-enter it to be safe and had me read it again. When I asked if the process was the same for the deposit he said yes - RISE would have been unable to transfer money into my account if they did not have the correct account number. Oh, and by the way, the $2600 I borrowed was still in the account when both payments would have been made so it wasn’t insufficient funds.The agent also promised that the interest would be deducted from the last 7 days (around $164) since the account number was not incorrect and therefore my payment was not late. He said I would receive notification by email and by mail. Unfortunately, there is no way for me to verify this. I suppose this is something the agent knew because he was very quick to make this promise. When researching the business history of RISE I found a number of similar complaints where customers were told their accounts denied the withdrawal of the loan payment because the “account number was wrong” and yet, like myself, the loan deposits happened without issue. If the loan deposit was made to my account, there must be record of my changing the account number for the loan repayment, correct? However, I only entered the account number once. Subsequent entries were made by the RISE agents.What I am positing is the loan repayment was not taken on time so that I would accrue extra interest. When, on Feb 6, I paid $1000 of the loan back and my account was verified, it became more profitable for RISE to claim my account number was incorrect yet again and charge more interest. By my calculations, the difference in interest with the loan would have been from about $3-4K. When I checked my loan again in April (after trying to call several times and getting nowhere) I once again owed over $2600. In Feb my loan balance after payment was around $1976.54. Suspiciously, in March I started to receive mailings for another loan company called Great Lakes Lending, or something like that for another installment loan program. When I looked them up online I discovered they are a company owned by ThinkCash - the same company that owns RISE. Why would a company who has a so-called delinquent customer in its database continue to solicit that customer with a history of nonpayment for another loan? If I default on my American Express payment, they don’t send me another card with carte blanche to spend more money. A company wants to get a return and interest (especially at 224%) is the easiest way to achieve that.I tried to accept responsibility for my loan, but it seems the cards were not stacked in my favor. I feel as though I’ve been misled by barely legal business practices and set up to fail. On the one hand, if RISE never had my correct account number to make the deposit, then I clearly did not borrow the money to begin with. If the practices for the deposit are drastically different than for the withdrawal I would like proof of that process that my attorney and my bank can review and verify because this is a situation that makes little sense to me. I can produce documentation from my bank saying the account number has never changed, that the deposit of the loan was made, the account balance was sufficient to make the loan payments and that no attempts were made from RISE to transfer the loan payments from my account. I don’t know what else to do to prove that I was in the position to pay back the loan but RISE was not being cooperative. I have thought about a resolution that would be satisfactory to me since I filled out the original complaint. I would like RISE to take the loan back from NCA and make proper arrangements with me for repayment of the amount of $1976.54 with no additional interest charged. I would like the negative history expunged from my credit record.ThinkCash has done business under a variety of names and I have found numerable complaints against them all. My initial investigation has shown that the people who were charged the higher interest rates, like I was, were the ones who had trouble with their withdrawal payments. People charged the lower interest rates did not seem to have this same issue. Is it the Revdex.com’s jurisdiction to look into such things officially? Or should I notify Consumer Fraud?Thanks for your attention to this issue,[redacted]
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.
Regards,
[redacted]
They are incorrect that I have submitted several applications. One once in January and never again. Every time I get an email for advertisement purposes I go to their website trying to close my account and it opens to a page stating I am not approved. They have their website automatically set to submit said application when one signs onto their account. They will not let me delete this account.
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.We have reviewed our records, and see that [redacted] contacted us by phone and email to explain her financial situation. Our agent applied a 7 day courtesy extension to the payment that...
was originally due on 8/21/2015, extending the due date to 8/28/2015. Our agent responded to [redacted]
[redacted]’s email on 8/25/2015 to advise that no further extensions were available. When [redacted] called on 8/27/2015, the agent explained that the ACH payment transaction had already been processed for the 8/28/2015 due date, and reminded her of the 7 day extension which had already been granted. According to our records, we didn’t hear from [redacted] again before her next payment was processed on 9/3/2015, for the 9/4/2015 due date. That payment was returned to us due to insufficient funds.As a courtesy to [redacted], in consideration of her situation, we have decided to waive the remaining balance due on her account. The account is now paid-in-full.Thank you for the opportunity to address [redacted]’s concerns.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.
They are predatory lenders and should not be in business.
Regards,
[redacted]
We are in receipt of the complaints that you submitted to our Executive officers and to the Revdex.com, and appreciate the opportunity to respond.We were sorry to hear about your recent difficulties with the funding of your approved loan. We have researched our records of...
the events leading up to this complaint, and can see that there were times when our customer service fell short.Most RISE installment loans are funded by direct ACH deposit to a checking account. Our online application form explicitly states that you must have a checking account, and that we do not accept savings accounts. However, when you filled out your RISE loan application on 8/10/2015, you put a savings account number in the “checking account” field. Although your loan was initially approved, when it was determined that the account was a savings account, funding your loan by paper check was our only option. Prior to funding loans by paper check, we require additional documents for verification purposes, which you provided. When verification was completed on 8/14/2015, your loan was approved, and a check request was initiated. According to our records, the check was put in the mail on 8/18/2015, and USPS records indicate that you have received the check.Unfortunately, our agents did not clearly explain the issues with your loan funding, and in some instances provided incorrect information. We will provide appropriate coaching to the agents involved. We truly apologize for your customer service experience.
We are in receipt of the above referenced complaint, and appreciate the opportunity to respond.According to our records, [redacted]’s most recent loan was paid in full on 5/22/2015. Our agents told him that credit reporting would be updated in June. Each month, RISE reports...
to TransUnion the status of all accounts as of the previous month end; credit reporting is not automatic. After we have sent the information to TransUnion, they may take some additional time to update consumer’s records. We apologize if this was not made clear to [redacted].Upon receiving this complaint on 6/25/2015, we immediately pulled a TransUnion Account Reporting Review, which is a real-time snapshot of the reporting status of [redacted]’s RISE accounts. Based on that review, it appears that [redacted]’s loan statuses are all reported accurately. The report did indicate that a loan was opened on 4/30/2015, but showed that loan account as closed, with a -0- balance. We sent a copy of this report to [redacted] on 6/25/2015, and advised him that it appears that his loans have all been accurately reported.If [redacted] still has concerns about how his RISE loans have been reported, we ask that he provide us a copy of the report in which he sees an error, and we will research the issue further.Thank you for the opportunity to assist.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.I have verified with my bank on all of my cards that they are not classified as a credit card as their response claims. As mentioned, I'm well aware of my responsibility, but yet am unable to make any payment to my account (despite the suggestions that were "offered") as they were attempted many times. I've had my bank involved prior to filing this complaint and they have verified everything for me more than a few times and ensure that everything is set up properly. As I mentioned - I only have the two bank accounts from the same bank so I still have no way of making a payment and no suggestions were offered (really). I must use caution (as directed by my bank authorities) wince this very much appears to be activity that at the very least is nearing the line of being illegal and predatory (if not crossing it already). I'm still awaiting a real solution and suggestion as nothing I've offered has been accepted as payment.
Regards,
[redacted]
We are in receipt of the above referenced consumer complaint, and appreciate the opportunity to respond.According to our records, [redacted] accepted a RISE installment loan on 8/21/2014 in the principal amount of $2600. When he accepted the loan, [redacted] electronically signed...
a Loan Agreement which includes Federal Truth in Lending Disclosures that clearly state the Annual Percentage Rate, the Finance Charge, and the exact payment schedule for his loan. He has made 9 payments, but on 7/2/2015, we received notification from [redacted]’s bank that he had stopped payment on his 10th payment.When [redacted] defaulted on his Loan Agreement, our agents did begin attempts to contact him in that regard. Our records indicate that we only made contact with [redacted] three times; on 7/3/2015, 7/8/2015 and 7/12/2015. We have listened to the recordings of those calls, and found that in all three instances our agents spoke to [redacted] in a polite and professional manner.As requested in this complaint, we have blocked [redacted]’s phone numbers in our system to prevent any additional telephone calls. However, [redacted] does remain obligated for repayment of his loan in accordance with the terms in his Loan Agreement. We encourage [redacted] to call our account services department at 866-580-1227 to discuss repayment options.
We are in receipt of the above referenced complaint, and appreciate the opportunity to respond.RISE evaluates each application that is submitted based on a proprietary automated credit scoring process. Among other things, our process includes verifications with various credit...
reporting agencies, and third party data analytics. It is in our company’s interest to validate the identities of the people with which we do business. We are investigating the circumstances surrounding the approval of this loan to identify any opportunities to enhance our application underwriting procedures.RISE takes matters like this very seriously, and will pursue an investigation of the identity theft. We will delete this tradeline from [redacted]’ TransUnion credit file.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.I was repeatedly on the phone with my bank and with RISE to resolve this and provided the bank with the information I was given. They checked the records (and classification) for the card (as requested) and could not identify anything that indicates it as a credit card or as a prepaid card of any sort. The bank manager had offered to take their call to which RISE declined (in the event I wasn't explaining it correctly). Furthermore, every time I called in to pay for my card previously, I indicated that the card was a debit card and not a prepaid or credit card. I find it nearly impossible to understand that there is no possible way to make a payment to RISE without opening up a bank account at a completely separate bank as I've tried both debit cards associated with the only bank accounts that I have. I should not have to go through the inconvenience of opening up another bank account at another bank to complete transactions that I've completed in the past. Particularly when my bank has assured me that what I was instructed to tell them truly makes no sense in terms of banking.
Regards,
[redacted]