Consumer complaint received 2023-11-27
Company: FIFTH THIRD FINANCIAL CORPORATION
State: MD
Product: Credit reporting or other personal consumer reports
Sub-product: Other personal consumer report
Issue: Problem with a company's investigation into an existing issue
Sub-issue: Difficulty submitting a dispute or getting information about a dispute over the phone

Complaint:
This memo brings to your attention serious allegations concerning the business practices of XXXX XXXX and our numerous, yet unsuccessful amicable attempts to remedy the situation. 
We purchased solar panels for our XXXXXXXX XXXX home from XXXX XXXX XXXX on XXXXXXXX XXXX and had them installed and operational this XXXX We financed the purchase through XXXX and consented to all its terms. Most favorably, our exceptionally low interest rate, with its equaky low monthly payment, made our loan even more attractive because it was assumable. 

So, after we accepted an offer to buy our home in XXXX, we were puzzled, perplexed andeventually disturbed that the buyers who qualified for a {$710000.00} mortgage were rejected totake over the {$45000.00} loan for the solar panel as part of the sales contract. 
Over the course of several days, our real estate brokers along with the buyers agent were givencontradictory and opaque explanations for the rejection : from shifting assertions as to thecredit score requirements XXXX  said the buyers failed to meet, to unspecified and non-disclosable requirements of loan originators. We were informed XXXX minimum scorerequirement was XXXX, rather high, then XXXX, and then again XXXX. We remain unclear as towhich score is true. 

Nonetheless, having rejected both buyers, XXXX  was invoking the contractual terms todemand immediate payment in full. The result : instead of solar panels being an attractive assetin selling our home, it became a major impediment. 
This position by XXXX is blatantly self-serving, deceptive, unfair, and quite possibly inviolation of state and federal banking regulations. 

We are seeking an inquiry and intervention by the Attorney XXXXenerals Office of Consumer, and with the Consumer Financial Protection Bureau Protection, with a request for specific information related to : Credit worthiness criteria for applicants, including credit score, and any additional considerations Average credit score of approved applicants Average credit score of applicants by race, ethnicity, country of origin and zip code Approval rate of applicants by race and ethnicity, country of origin and zip code Denial rate of applicants by race and ethnicity, country of origin and zip code Successful completed assumption of sellers by race, ethnicity, country of origin and zipcode Breakdown by race, ethnicity, country of origin and zip code borrowers who XXXX has demanded payment in full due to rejection of applicants to assume loans After we notified the company of or intent to file complaints, the XXXX XXXX instaler was told XXXX would seek to qualify the buyers. How? By asking for proof of income. So, we additionally want to know did XXXX alter stadard application practice on these applicants/buyers, in a rush to denial/ judgement when it never sought information on their ability to pay and assume the loan? 

We are reasonably concerned that certain classes of homebuyers who purchase solar panel and have them financed through XXXX will expereince undue hardship upon selling their homes if the bank rejects thier potential buyers. 

We anticipate with this information XXXX  will see to it that our experience is reasonably remedied in a timely manner and is also not emblematic of a broader scheme of practicesarrayed against certain borrowers and homeowners. We are open to working with your respective representatives to satisfactorily resolve these issues.

Company response to consumer: Closed with explanation