Consumer complaint received 2023-11-11
Company: TRUIST FINANCIAL CORPORATION
State: IL
Product: Payday loan, title loan, personal loan, or advance loan
Sub-product: Installment loan
Issue: Incorrect information on your report
Sub-issue: Account information incorrect

Complaint:
I was approved for a personal loan after a hard inquiry on my credit. I digitally followed the steps required to accept the loan. I entered my information and received a confirmation : This email confirms that you have chosen Wednesday, XX/XX/XXXX as your loan funding date. 

On your funding date, we will deposit your loan proceeds into your designated account via an ACH ( Automated Clearing House ) transfer. Your funds will be available for your use at some point during that day. 

To confirm receipt of your ACH transfer and loan proceeds, please contact your financial institution. 

Your first payment is due XXXX XXXX XXXX XXXX 

If you would like to make changes to your pending loan, you may do so anytime prior to XXXX XXXX XXXX XXXX, Tuesday, XXXX XXXX XXXXXXXX 

Of course, please feel free to email us with any questions or call us at XXXX XXXX XXXX XXXX We also accept calls made through the relay service XXXX XXXX XXXX XXXX. 

On XXXX I was sent an email which I didnt receive in my inbox and no contact attempts were made via phone. This is the email : There appears to be an error with the bank account information provided. Please log into your LightStream account to review and/or correct your banking information to prevent a delay in receiving your loan proceeds. To ensure your funds are not delayed, please log into your LightStream account and update the information before XXXX XXXX XXXX XXXX XXXX 

If you are in need of assistance, please contact us directly at ( XXXX XXXX XXXX We also accept calls made through the relay service ( XXXX XXXX XXXX 

Please let us know if you have any further questions. We hope you have a great day Nothing in this email states I will lose the loan or will need to reapply or that it will expire if I dont reply. No one contacted me via phone and it was Lightstream who made the error as, when I called in on XXXX  their rep-XXXX CONFIRMED my banking information was actually correct. He stated the new ACH deposit date would be XXXX XXXX XXXX  to deposit funds and apologized. I said I didnt mind waiting a few more days. Then he basically said : never mind, you actually need to reapply its expired. I spoke to two supervisors : XXXX and XXXX who had no intention of helping me. 
I explained to them this shouldnt require me to reapply with them I cant afford to have another hard inquiry on my account due to their system error and lack of contact via phone or any secondary attempt via email. The contact they did send clearly states not contacting by XXXX  will DELAY funds. It doesnt state contacting after XXXX will result in the agreement and confirmation of loan to be void. 
Lightstream should have reattempted Email contact and also tried to call me. They should not have sent one email with verbiage stating the loan could be delayed without any follow up or confirmation of receipt of the email. I got no notifications from the app showing I needed to contact LightStream. 
This is not acceptable as any future attempts at acquiring a personal loan will take into account the hard inquiry which also lowered my credit score. Any future attempts to acquire a loan will be with less desirable rates. 
It appears this may be LightStreams attempt to offer higher rates upon re-applying.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation