Dear Ms. [redacted],We have removed Mr. [redacted]'s name and address from our direct marketing program, as he requested. He should not receive any additional mailers from RISE, with one possible exception - if he was included in the most recent batch sent to our distribution vendor, we are unable...
to stop it. We regret any inconvenience he may have experienced. If Mr. [redacted] has any other questions or concerns, we encourage him to call our customer support team at [redacted].Sincerely, RISE
Dear Ms. [redacted],We are in receipt of the referenced complaint, and appreciate the opportunity to respond.We have reviewed Ms. [redacted]'s account history, and can confirm that the account was paid in full on 7/24/2016. Please note that RISE only reports to one major credit bureau,...
TransUnion. On 5/1/2017, we sent a request to TransUnion to correct the reporting error. This update may take a few business days to reflect on Ms. [redacted]'s credit report. We appreciate Ms. [redacted] bringing this to our attention, and sincerely apologize for any inconvenience. If Ms. [redacted] has any other concerns about her account, we encourage her to call customer support at [redacted] for further assistance.Sincerely, RISE
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. The representative I spoke to could not fully explain why my statement and online account still show that payments were returned, but DID cancel the ACH so that I can pay by debit card, so I am satisfied with the resolution.
Regards,
[redacted]
RISE [redacted]December 12, 2017Revdex.com of Central, Coastal, Southwest Texas and the Permian BasinAttn: [redacted]RE: Revdex.com Complaint ID [redacted]Dear Ms. [redacted],We are in receipt of the...
referenced complaint, and appreciate the opportunity to respond.RISE is registered as a Consumer Installment Lender with the State of Missouri Division of Finance. We strive to betransparent and straightforward about our product, our rates and terms by providing extensive information on the RISEwebsite to help consumers make an informed choice.To accept a loan, customers are required to electronically sign a Loan Agreement which contains Federal Truth inLending Disclosures that clearly display the Annual Percentage Rate, the total amount of the Finance Charge that willaccrue over the full term of the loan, and the exact payment schedule for their loan. In addition, the Loan Agreementincludes a 5 business day right of rescission, so customers may cancel their loan at no cost if they change their mind.Ms. [redacted] accepted a RISE installment loan on 10/1/2017, in the principal amount of $5000, and agreed to repay theloan in 50 bi-weekly installments via ACH withdrawal on the due dates.We have reviewed our records, and it appears that Ms. [redacted] was able to log in successfully on 12/1/2017. If she is stillexperiencing issues with accessing her account, we encourage her to call our customer support team to troubleshootthe problem. Ms. [redacted] may access her Loan Agreement to review these terms, while logged into her online account.Although Ms. [redacted] remains obligated for repayment according to the terms of her Loan Agreement, we have disabledthe ACH payment method, in response to this complaint. Going forward, Ms. [redacted] may pay according to her ability bydebit card or by mail. However, if she does not pay according to the loan terms, her account may still be consideredpast due, and payments received 30 or more days late may be reported to credit bureaus. Ms. [redacted] may prepay theloan in part or in full, without penalty. Any amount prepaid will have the effect of reducing the amount of interest thataccrues over time, and may shorten the term of the loan.Thank you for the opportunity to address this matter.Sincerely,RISE
Dear [redacted] We have requested an ACH deposit be processed to the checking account you have on file, in the amount of $98.71. Depending on processing time, the funds should appear in your account no later than Tuesday, 9/27. Sincerely, RISE
Dear Ms. [redacted],Our previous response is accurate according to our records. RISE does not accept credit card payments. As we have previously advised Mr. [redacted], he may pay one of three ways:1. By mail - we provided two mailing addresses - one for...
overnight mail, and one for regular mail. 2. By ACH - if he will reauthorize ACH as we explained in our previous response. 3. By debit card, over the phone - although his spending limit is not within our control, he could possibly increase the limit with his bank, or he could make multiple payments over two or more days. When Mr. [redacted] signed his Loan Agreement, he made a promise to pay according to a specific payment schedule. He has missed multiple payments. As a reporter of information, RISE is obligated to report accurately to credit bureaus, and may report late payments and other defaults. As we have not made any error in accounting or reporting, we will not change our reporting. As of today, Mr. [redacted]'s account is 51 days past due. If it reaches 60 days past due, the account will be charged off in accordance with our normal business practice. In addition, if the account is charged off, it may be sold to a third party collector at any time. Again, we encourage Mr. [redacted] to contact us to make arrangements for repayment or settlement.Sincerely, RISE
We are in receipt of the referenced consumer complaint, and appreciate the opportunity to respond.RISE Credit of Illinois, LLC d/b/a RISE Credit is not a payday lender – we do not offer payday loans. [redacted]’s loan is neither a payday loan nor a payday installment loan as defined...
by Illinois state law; it is a small consumer loan. We want to assure [redacted] that RISE Credit operates in compliance with all applicable Illinois and federal laws.According to our records, [redacted] received a loan in the principal amount of $2500 on 12/2/2015. His payments of $114.35 are due bi-weekly, and he chose a 50 installment repayment schedule (approximately 25 months). This loan is a simple interest loan, and as such, interest accrues daily in relation to the outstanding principal balance. Each payment is applied first to the accrued interest, then to principal. For these reasons, the amounts applied to principal and interest will vary relative to how much interest has accrued. Over time, as the principal balance is reduced, the amount going toward interest will be less and the amount going toward principal will increase.[redacted] may prepay his loan in part or in full at any time without penalty. Any amounts prepaid will not continue to accrue interest, which will reduce the total amount of interest due over time. Thank you for the opportunity to address this matter.
Complaint: [redacted]
I am rejecting this response because: I am refuting their statement just as well as demanding that my information be removed from this company. They continue to respond without any proof that I requested service from this company. I am truly concerned at this point of their good business practice as far as how they are obtaining anyone information and using it willing for whatever hidden agendas there maybe. I am demanding that based on the fact that someone attempted to use my information to maybe obtain products or services from this company to remove my information in total. This have me truly concerned with Doxing within this company meaning their intimidation tactics of retaining my information without my consent to purchase a product or service is furether concerning as well as not providing no proof nor findings upon my request to do so that I submitted partial or in full a request of service or product from this company. The reason being is because I personal did not request it. I again ask that my information be removed from this company in total.
Regards,
[redacted]
Dear Ms. [redacted],We believe that our previous responses provided directly to Mr. [redacted], and via this complaint process, have fully and accurately addressed Mr. [redacted]' stated concerns. Sincerely, RISE
We have communicated directly with [redacted] to provide more information about the application process and document requirements. We have invited him to reapply for a RISE loan.
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.
The original loan I agreed to had lower payments and when they approached me with the new loan it had way higher interest rates and payments than what I originally agreed to.
Regards,
[redacted]
RISE [redacted]November 15, 2017Revdex.com of Central, Coastal, Southwest Texas and the Permian BasinAttn: [redacted]RE: Revdex.com Complaint ID [redacted]Dear Ms. [redacted],We are in receipt of the...
referenced complaint, and appreciate the opportunity to respond.Ms. [redacted] states in her complaint that she has reached out to RISE for proof of validation for “this inaccurateinformation” on her TransUnion credit report, and believes that RISE must correct the information.Unfortunately, Ms. [redacted] has not provided any details about what she believes to be inaccurate. We havereviewed the account, and can confirm that the account status has been reported accurately, according to ourrecords. We have previously responded to credit disputes received electronically via TransUnion on 6/19/17 and9/25/17, advising that the account information is accurate as of the date reported. PDO Financial, LLC d/b/a RISEis the original creditor in relation to Ms. [redacted]’s account, and as such we are not subject to the requirements ofthe FDCPA as asserted by Ms. [redacted]. Regardless, we responded to a request for validation of debt via email to[redacted] on 9/8/17.If Ms. [redacted] wishes to dispute the validity of our credit reporting, we request that she submits her concerns to[redacted], and includes a description of what she believes to be incorrect, along with supportingdocumentation if applicable.Thank you for the opportunity to address this matter.Sincerely,RISE
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.
Why would the supervisor, [redacted], advise me that my payoff was $668.45 (as of 03/18) but your response says my payoff is $744.76?? Now I understand that there is interest involved but keep in mind that your letter says my principal balance is $736.03. Interest accrues daily in the amount of 87 cents on my loan (per [redacted]). From 03/18 until 03/28 the increase should have only been $8.70. Where is the extra $67.61 coming from?? My CSO fee is allegedly $67.58 (per [redacted] and your letter). Is the additional money supposed to be the CSO fee? If that's the case then I was lied to again because the fee is to be deducted from my principal payment- as your words say even though it's not in writing - and not tacked on my pay-in-full balance.
So my question for the umpteenth time is what do I owe???? Never have I ever dealt with a company as unorganized and confused as Rise Credit. This is ridiculous. I am trying to pay off my loan but I am continuously given incorrect pay-in-full amounts.
As far as the CSO fee coming out of a principal payment is concerned; again I ask, where is this in writing?? I am aware of the $946.12 balance. However, this is misleading because your online breakdown does not explain how my monies are being applied. How is it legal to even call a payment a principal payment when there are fees included?? Even though you call it a beginning principal balance; if I pay-in-full today you will remove the remaining CSO fees. How is that called principal if I’m not required to pay the CSO fees/“principal” when I pay-in-full early?? Principal is defined as the original amount of money lent, not including profits and interest. Is the CSO fee not a profit?? It’s definitely not interest and I didn’t borrow $1946.12. Make this make sense for me. This is highly upsetting and I will NEVER do business with Rise Credit again. Lesson learned. Please provide a CLEAR and CONCISE answer.
Lastly, I have paid an extra $270.32 in CSO fees all because your employees could not provide me an accurate pay-in-full amount. Had I known then that I would be paying $67.58 every two weeks in hidden fees (AND WAS GIVEN AN ACCURATE PAYOFF AMOUNT THE FIRST TIME) I would have paid it off right then to keep from paying these fees. Although it is clearly noted in the loan agreement that I will pay CSO fees, they should be clearly accounted for in my payment history. It also would help if your EMPLOYEES understood how their employer appropriates funds.
You record your phone calls. I asked for a call back on the 29th day of my loan so no additional fees would accrue and I never heard from that supervisor. I have called numerous times to pay off the loan with no luck. I even asked if I could pay the principal balance and the supervisor told me that I could not do that. Why couldn’t I??? This is a COMPLETE rip off! I read the terms and conditions. Nowhere does it say $67.58 would be deducted from my principal payment. I would like the $270.32 of unnecessarily paid CSO fees deducted from my ACCURATE pay-in-full balance once you figure out the correct amount. Your website says, “We will never charge you any "hidden fees" that are not fully disclosed in your Agreement or the Rates & Terms.” Please show me in my loan agreement or Rates and Terms where it says I will pay $67.58 per payment which will be included in my principal payment.” I’ll wait.
>
Regards,
[redacted]
Revdex.comMESSAGE FROM BUSINESS:
We spoke to [redacted] directly to discuss these concerns. We agreed to reduce the pay-in-full balance because our agents had previously provided incorrect balance information.
RISE [redacted]
[redacted]November 21, 2017Revdex.com of Central, Coastal, Southwest Texas and the Permian BasinAttn: [redacted]
[redacted]
[redacted]RE: Revdex.com Complaint ID [redacted]Dear Ms. [redacted],We are in receipt of the...
referenced complaint, and appreciate the opportunity to respond.We would like to assure Mr. [redacted] that RISE takes ID fraud very seriously. Our underwriting process includesmultiple steps designed to detect fraudulent loan applications, and we diligently work to continuously improvethese processes to stay ahead of perpetrators of fraud.Mr. [redacted] recently contacted RISE directly regarding this matter. Upon our request, Mr. [redacted]provided documents which we used to investigate his claim that a RISE loan was fraudulently originated in hisname. Our research concluded that the loan was fraudulent. We repurchased the account from the third partycollection agency, and immediately requested deletion of all credit reporting of this account. It may take a fewbusiness days for these changes to be reflected in Mr. [redacted]’s credit report. We would also like to refer Mr.[redacted] to https://www.identitytheft.gov. This is a Federal Trade Commission website that provides extensiveinformation to assist consumers with identity theft recovery.We wish to again sincerely apologize for the inconvenience that Mr. [redacted] has experienced. Thank you forthe opportunity to address this.Sincerely,RISE
We are in receipt of the referenced consumer complaint, and appreciate the opportunity to respond. According to our records, [redacted]’s application was approved, and funding was processed by ACH on June 22, for deposit on June 23. Unfortunately, the deposit was returned to us—this...
typically occurs when incorrect banking information was provided on the application. [redacted] provided this routing number: [redacted]; the account number provided was 12 digits, ending with [redacted]. The return of those funds triggered the June 24th request for documents to validate [redacted]’s bank account information. Our records do not indicate that we have ever received the requested documents, so the application expired and the loan was never funded. Thank you for the opportunity to address this matter.
Dear Ms. [redacted],
We are in receipt of Mr. [redacted]'s
complaint, and appreciate the opportunity to respond.
Our records
indicate that Mr. [redacted] applied for an installment loan on 12/19/2013 via
www.risecredit.com. His application was approved, and he accepted a loan in the
principal...
amount of $600 on 12/20/2013. In
order to receive an installment loan via RISE, customers must complete a
multiple step process, including:
- They must choose the amount of their loan (up to the approved
amount, subject to a required minimum).
- They are required to electronically sign a Loan Agreement,
indicating their acceptance of the loan terms.
- Ohio customers are required to electronically sign a Credit
Services Information Statement, and a Credit Service Contract indicating their
agreement to credit services provided by the Credit Services Organization.
According
to our records, Mr. [redacted] completed all of these required steps, then the loan
proceeds were deposited by ACH to the bank account he provided with his
application. Although we did
successfully process one payment (on 12/30/2013), we did not receive any
additional payments, so the account was charged off on 4/29/2014 in the amount
of $880.03. The debt was sold to [redacted]) on 5/20/2014.
Because
Mr. [redacted] stated that he has paid this debt in full, we contacted [redacted] to find out
the status of the account. [redacted] confirmed
that they had accepted a settlement of the debt in the amount of $452.00 on
6/19/2014. They also confirmed that they
have not reported the account to [redacted] or any other major credit bureau. As for any promises made regarding credit
reporting, [redacted] could only agree to how they would handle reporting because at
that point they owned the account.
As
this debt was not repaid to RISE, we have accurately reported the account to
[redacted], as it pertains to RISE: Account transferred (sold) and charged off. Therefore, we will not remove the account as
requested.
We
have attached the Agreements referenced above for Mr. [redacted]’s records. Thank you
for the opportunity to address this matter.
Sincerely,
RISE
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.
Regards,
[redacted]This company is nothing but a loan shark and the fact that they want to report inaccurate data and take advantage of someone that was having a hard time beyond their control is appaling. For them to not be reasonable after I did everything in my power to make them right is downright disgusting. This company acts like they have to abide by fair reporting but they use loopholes to take advantage of low income borrowers. The fact they won't fix this is disgusting and makes me wish I would have just bankrupt this loan instead of doing the right thing and paying it back. I struggled to pay this and they won't help me now after all the past business and extreme interest I paid them. What a poor uncaring company
Complaint: [redacted]
I am rejecting this response because:Once...
again rice credit fails to address the issue that was brought to the table in the first place. They're neglectfulness and poor management and not allowing me to pay this loan off in full when I wanted to as a reason that it ended into fault. They need to remove their account from all three of my credit bureaus immediately. This is nothing more than a stall tactic from a bottom feeding company that preys on people in Desperate situations.
[redacted]
Dear Ms. [redacted],We have removed Mr. [redacted]'s name and address from our direct marketing program, as he requested. He should not receive any additional mailers from RISE, with one possible exception - if he was included in the most recent batch sent to our distribution vendor, we are unable...
to stop it. We regret any inconvenience he may have experienced. If Mr. [redacted] has any other questions or concerns, we encourage him to call our customer support team at [redacted].Sincerely, RISE
Dear Ms. [redacted],We are in receipt of the referenced complaint, and appreciate the opportunity to respond.We have reviewed Ms. [redacted]'s account history, and can confirm that the account was paid in full on 7/24/2016. Please note that RISE only reports to one major credit bureau,...
TransUnion. On 5/1/2017, we sent a request to TransUnion to correct the reporting error. This update may take a few business days to reflect on Ms. [redacted]'s credit report. We appreciate Ms. [redacted] bringing this to our attention, and sincerely apologize for any inconvenience. If Ms. [redacted] has any other concerns about her account, we encourage her to call customer support at [redacted] for further assistance.Sincerely, RISE
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. The representative I spoke to could not fully explain why my statement and online account still show that payments were returned, but DID cancel the ACH so that I can pay by debit card, so I am satisfied with the resolution.
Regards,
[redacted]
RISE [redacted]December 12, 2017Revdex.com of Central, Coastal, Southwest Texas and the Permian BasinAttn: [redacted]RE: Revdex.com Complaint ID [redacted]Dear Ms. [redacted],We are in receipt of the...
referenced complaint, and appreciate the opportunity to respond.RISE is registered as a Consumer Installment Lender with the State of Missouri Division of Finance. We strive to betransparent and straightforward about our product, our rates and terms by providing extensive information on the RISEwebsite to help consumers make an informed choice.To accept a loan, customers are required to electronically sign a Loan Agreement which contains Federal Truth inLending Disclosures that clearly display the Annual Percentage Rate, the total amount of the Finance Charge that willaccrue over the full term of the loan, and the exact payment schedule for their loan. In addition, the Loan Agreementincludes a 5 business day right of rescission, so customers may cancel their loan at no cost if they change their mind.Ms. [redacted] accepted a RISE installment loan on 10/1/2017, in the principal amount of $5000, and agreed to repay theloan in 50 bi-weekly installments via ACH withdrawal on the due dates.We have reviewed our records, and it appears that Ms. [redacted] was able to log in successfully on 12/1/2017. If she is stillexperiencing issues with accessing her account, we encourage her to call our customer support team to troubleshootthe problem. Ms. [redacted] may access her Loan Agreement to review these terms, while logged into her online account.Although Ms. [redacted] remains obligated for repayment according to the terms of her Loan Agreement, we have disabledthe ACH payment method, in response to this complaint. Going forward, Ms. [redacted] may pay according to her ability bydebit card or by mail. However, if she does not pay according to the loan terms, her account may still be consideredpast due, and payments received 30 or more days late may be reported to credit bureaus. Ms. [redacted] may prepay theloan in part or in full, without penalty. Any amount prepaid will have the effect of reducing the amount of interest thataccrues over time, and may shorten the term of the loan.Thank you for the opportunity to address this matter.Sincerely,RISE
Dear [redacted] We have requested an ACH deposit be processed to the checking account you have on file, in the amount of $98.71. Depending on processing time, the funds should appear in your account no later than Tuesday, 9/27. Sincerely, RISE
Dear Ms. [redacted],Our previous response is accurate according to our records. RISE does not accept credit card payments. As we have previously advised Mr. [redacted], he may pay one of three ways:1. By mail - we provided two mailing addresses - one for...
overnight mail, and one for regular mail. 2. By ACH - if he will reauthorize ACH as we explained in our previous response. 3. By debit card, over the phone - although his spending limit is not within our control, he could possibly increase the limit with his bank, or he could make multiple payments over two or more days. When Mr. [redacted] signed his Loan Agreement, he made a promise to pay according to a specific payment schedule. He has missed multiple payments. As a reporter of information, RISE is obligated to report accurately to credit bureaus, and may report late payments and other defaults. As we have not made any error in accounting or reporting, we will not change our reporting. As of today, Mr. [redacted]'s account is 51 days past due. If it reaches 60 days past due, the account will be charged off in accordance with our normal business practice. In addition, if the account is charged off, it may be sold to a third party collector at any time. Again, we encourage Mr. [redacted] to contact us to make arrangements for repayment or settlement.Sincerely, RISE
We are in receipt of the referenced consumer complaint, and appreciate the opportunity to respond.RISE Credit of Illinois, LLC d/b/a RISE Credit is not a payday lender – we do not offer payday loans. [redacted]’s loan is neither a payday loan nor a payday installment loan as defined...
by Illinois state law; it is a small consumer loan. We want to assure [redacted] that RISE Credit operates in compliance with all applicable Illinois and federal laws.According to our records, [redacted] received a loan in the principal amount of $2500 on 12/2/2015. His payments of $114.35 are due bi-weekly, and he chose a 50 installment repayment schedule (approximately 25 months). This loan is a simple interest loan, and as such, interest accrues daily in relation to the outstanding principal balance. Each payment is applied first to the accrued interest, then to principal. For these reasons, the amounts applied to principal and interest will vary relative to how much interest has accrued. Over time, as the principal balance is reduced, the amount going toward interest will be less and the amount going toward principal will increase.[redacted] may prepay his loan in part or in full at any time without penalty. Any amounts prepaid will not continue to accrue interest, which will reduce the total amount of interest due over time. Thank you for the opportunity to address this matter.
Complaint: [redacted]
I am rejecting this response because: I am refuting their statement just as well as demanding that my information be removed from this company. They continue to respond without any proof that I requested service from this company. I am truly concerned at this point of their good business practice as far as how they are obtaining anyone information and using it willing for whatever hidden agendas there maybe. I am demanding that based on the fact that someone attempted to use my information to maybe obtain products or services from this company to remove my information in total. This have me truly concerned with Doxing within this company meaning their intimidation tactics of retaining my information without my consent to purchase a product or service is furether concerning as well as not providing no proof nor findings upon my request to do so that I submitted partial or in full a request of service or product from this company. The reason being is because I personal did not request it. I again ask that my information be removed from this company in total.
Regards,
[redacted]
Dear Ms. [redacted],We believe that our previous responses provided directly to Mr. [redacted], and via this complaint process, have fully and accurately addressed Mr. [redacted]' stated concerns. Sincerely, RISE
We have communicated directly with [redacted] to provide more information about the application process and document requirements. We have invited him to reapply for a RISE loan.
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.
The original loan I agreed to had lower payments and when they approached me with the new loan it had way higher interest rates and payments than what I originally agreed to.
Regards,
[redacted]
RISE [redacted]November 15, 2017Revdex.com of Central, Coastal, Southwest Texas and the Permian BasinAttn: [redacted]RE: Revdex.com Complaint ID [redacted]Dear Ms. [redacted],We are in receipt of the...
referenced complaint, and appreciate the opportunity to respond.Ms. [redacted] states in her complaint that she has reached out to RISE for proof of validation for “this inaccurateinformation” on her TransUnion credit report, and believes that RISE must correct the information.Unfortunately, Ms. [redacted] has not provided any details about what she believes to be inaccurate. We havereviewed the account, and can confirm that the account status has been reported accurately, according to ourrecords. We have previously responded to credit disputes received electronically via TransUnion on 6/19/17 and9/25/17, advising that the account information is accurate as of the date reported. PDO Financial, LLC d/b/a RISEis the original creditor in relation to Ms. [redacted]’s account, and as such we are not subject to the requirements ofthe FDCPA as asserted by Ms. [redacted]. Regardless, we responded to a request for validation of debt via email to[redacted] on 9/8/17.If Ms. [redacted] wishes to dispute the validity of our credit reporting, we request that she submits her concerns to[redacted], and includes a description of what she believes to be incorrect, along with supportingdocumentation if applicable.Thank you for the opportunity to address this matter.Sincerely,RISE
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.
Why would the supervisor, [redacted], advise me that my payoff was $668.45 (as of 03/18) but your response says my payoff is $744.76?? Now I understand that there is interest involved but keep in mind that your letter says my principal balance is $736.03. Interest accrues daily in the amount of 87 cents on my loan (per [redacted]). From 03/18 until 03/28 the increase should have only been $8.70. Where is the extra $67.61 coming from?? My CSO fee is allegedly $67.58 (per [redacted] and your letter). Is the additional money supposed to be the CSO fee? If that's the case then I was lied to again because the fee is to be deducted from my principal payment- as your words say even though it's not in writing - and not tacked on my pay-in-full balance.
So my question for the umpteenth time is what do I owe???? Never have I ever dealt with a company as unorganized and confused as Rise Credit. This is ridiculous. I am trying to pay off my loan but I am continuously given incorrect pay-in-full amounts.
As far as the CSO fee coming out of a principal payment is concerned; again I ask, where is this in writing?? I am aware of the $946.12 balance. However, this is misleading because your online breakdown does not explain how my monies are being applied. How is it legal to even call a payment a principal payment when there are fees included?? Even though you call it a beginning principal balance; if I pay-in-full today you will remove the remaining CSO fees. How is that called principal if I’m not required to pay the CSO fees/“principal” when I pay-in-full early?? Principal is defined as the original amount of money lent, not including profits and interest. Is the CSO fee not a profit?? It’s definitely not interest and I didn’t borrow $1946.12. Make this make sense for me. This is highly upsetting and I will NEVER do business with Rise Credit again. Lesson learned. Please provide a CLEAR and CONCISE answer.
Lastly, I have paid an extra $270.32 in CSO fees all because your employees could not provide me an accurate pay-in-full amount. Had I known then that I would be paying $67.58 every two weeks in hidden fees (AND WAS GIVEN AN ACCURATE PAYOFF AMOUNT THE FIRST TIME) I would have paid it off right then to keep from paying these fees. Although it is clearly noted in the loan agreement that I will pay CSO fees, they should be clearly accounted for in my payment history. It also would help if your EMPLOYEES understood how their employer appropriates funds.
You record your phone calls. I asked for a call back on the 29th day of my loan so no additional fees would accrue and I never heard from that supervisor. I have called numerous times to pay off the loan with no luck. I even asked if I could pay the principal balance and the supervisor told me that I could not do that. Why couldn’t I??? This is a COMPLETE rip off! I read the terms and conditions. Nowhere does it say $67.58 would be deducted from my principal payment. I would like the $270.32 of unnecessarily paid CSO fees deducted from my ACCURATE pay-in-full balance once you figure out the correct amount. Your website says, “We will never charge you any "hidden fees" that are not fully disclosed in your Agreement or the Rates & Terms.” Please show me in my loan agreement or Rates and Terms where it says I will pay $67.58 per payment which will be included in my principal payment.” I’ll wait.
>
Regards,
[redacted]
Revdex.comMESSAGE FROM BUSINESS:
We spoke to [redacted] directly to discuss these concerns. We agreed to reduce the pay-in-full balance because our agents had previously provided incorrect balance information.
RISE [redacted]
[redacted]November 21, 2017Revdex.com of Central, Coastal, Southwest Texas and the Permian BasinAttn: [redacted]
[redacted]
[redacted]RE: Revdex.com Complaint ID [redacted]Dear Ms. [redacted],We are in receipt of the...
referenced complaint, and appreciate the opportunity to respond.We would like to assure Mr. [redacted] that RISE takes ID fraud very seriously. Our underwriting process includesmultiple steps designed to detect fraudulent loan applications, and we diligently work to continuously improvethese processes to stay ahead of perpetrators of fraud.Mr. [redacted] recently contacted RISE directly regarding this matter. Upon our request, Mr. [redacted]provided documents which we used to investigate his claim that a RISE loan was fraudulently originated in hisname. Our research concluded that the loan was fraudulent. We repurchased the account from the third partycollection agency, and immediately requested deletion of all credit reporting of this account. It may take a fewbusiness days for these changes to be reflected in Mr. [redacted]’s credit report. We would also like to refer Mr.[redacted] to https://www.identitytheft.gov. This is a Federal Trade Commission website that provides extensiveinformation to assist consumers with identity theft recovery.We wish to again sincerely apologize for the inconvenience that Mr. [redacted] has experienced. Thank you forthe opportunity to address this.Sincerely,RISE
We are still reviewing this matter, and expect to reach out directly to [redacted] within the next two business days with our response.
We are in receipt of the referenced consumer complaint, and appreciate the opportunity to respond. According to our records, [redacted]’s application was approved, and funding was processed by ACH on June 22, for deposit on June 23. Unfortunately, the deposit was returned to us—this...
typically occurs when incorrect banking information was provided on the application. [redacted] provided this routing number: [redacted]; the account number provided was 12 digits, ending with [redacted]. The return of those funds triggered the June 24th request for documents to validate [redacted]’s bank account information. Our records do not indicate that we have ever received the requested documents, so the application expired and the loan was never funded. Thank you for the opportunity to address this matter.
Dear Ms. [redacted],
We are in receipt of Mr. [redacted]'s
complaint, and appreciate the opportunity to respond.
Our records
indicate that Mr. [redacted] applied for an installment loan on 12/19/2013 via
www.risecredit.com. His application was approved, and he accepted a loan in the
principal...
amount of $600 on 12/20/2013. In
order to receive an installment loan via RISE, customers must complete a
multiple step process, including:
- They must choose the amount of their loan (up to the approved
amount, subject to a required minimum).
- They are required to electronically sign a Loan Agreement,
indicating their acceptance of the loan terms.
- Ohio customers are required to electronically sign a Credit
Services Information Statement, and a Credit Service Contract indicating their
agreement to credit services provided by the Credit Services Organization.
According
to our records, Mr. [redacted] completed all of these required steps, then the loan
proceeds were deposited by ACH to the bank account he provided with his
application. Although we did
successfully process one payment (on 12/30/2013), we did not receive any
additional payments, so the account was charged off on 4/29/2014 in the amount
of $880.03. The debt was sold to [redacted]) on 5/20/2014.
Because
Mr. [redacted] stated that he has paid this debt in full, we contacted [redacted] to find out
the status of the account. [redacted] confirmed
that they had accepted a settlement of the debt in the amount of $452.00 on
6/19/2014. They also confirmed that they
have not reported the account to [redacted] or any other major credit bureau. As for any promises made regarding credit
reporting, [redacted] could only agree to how they would handle reporting because at
that point they owned the account.
As
this debt was not repaid to RISE, we have accurately reported the account to
[redacted], as it pertains to RISE: Account transferred (sold) and charged off. Therefore, we will not remove the account as
requested.
We
have attached the Agreements referenced above for Mr. [redacted]’s records. Thank you
for the opportunity to address this matter.
Sincerely,
RISE
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.
Regards,
[redacted]This company is nothing but a loan shark and the fact that they want to report inaccurate data and take advantage of someone that was having a hard time beyond their control is appaling. For them to not be reasonable after I did everything in my power to make them right is downright disgusting. This company acts like they have to abide by fair reporting but they use loopholes to take advantage of low income borrowers. The fact they won't fix this is disgusting and makes me wish I would have just bankrupt this loan instead of doing the right thing and paying it back. I struggled to pay this and they won't help me now after all the past business and extreme interest I paid them. What a poor uncaring company
Complaint: [redacted]
I am rejecting this response because:Once...
again rice credit fails to address the issue that was brought to the table in the first place. They're neglectfulness and poor management and not allowing me to pay this loan off in full when I wanted to as a reason that it ended into fault. They need to remove their account from all three of my credit bureaus immediately. This is nothing more than a stall tactic from a bottom feeding company that preys on people in Desperate situations.
[redacted]