Consumer complaint received 2023-10-17
Company: TRUIST FINANCIAL CORPORATION
State: NC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Credit denial

Complaint:
On or around XX/XX/2023, I went to Truist Bank and inquired about applying for an XXXX XXXX. I was seen by XXXX XXXX ( XXXX XXXX ). I informed him I had picked out a vehicle and was ready to apply for a loan for purchase. 
I also explained to him that the property I owned XXXX acres was fully paid for and worth about {$270000.00}. I also had enough equity in the home to support the loan. 
XXXX went on-line to XXXX, and informed me the Estimate for my home value was {$400000.00}. He collected all of my required information and informed me of the copies of items he would need to verify my income and other financial information. 
In the process of discussing the loan application XXXX XXXX, suggested to me it would be better for me if I attached the vehicle loan to my home. He said, You may have a better chance of getting the vehicle loan if you attached it to your home using a HELOC LOAN.

I asked, Why would I need to do that with all the collateral I am presenting? He said it would increase my chances with the Underwriters. 
On XX/XX/2023, I emailed XXXX, PDFs verifying my income from the Department of Veterans Affairs Disability , Social Security Administration, and account information from XXXX XXXX Bank as he requested. ( Documents Enclosed ) On XX/XX/2023, I sent XXXX a letter requesting information on the status of the loan. Please see attached email, supposedly the Mortgage Company and the Loan Officer/Examiner were having some discussions. In this email, I questioned him about the Equity and the value of the property I owned, was it not enough?

He said he would look into it. I received an email from him on XX/XX/2023, stating the following : Good XXXX XXXX XXXX, I hope you had a great weekend. Unfortunately, after careful review, the underwriters have declined your loan, one of the reasons being, Information requested not provided. A letter of adverse will be mailed to you, which might give you more details concerning the declination of the loan and/or a means by which you can dispute the declination.

I hope you can find another solution to meet your financial needs. 
On XX/XX/2023, I emailed XXXX, because I could not get a copy of my loan application online. I also went into the branch office and attempted to get a copy of the loan application, but not seem to know how to retrieve it from the system. 
I spoke to the XXXX XXXX XXXX XXXX he informed me he could not elaborate on the issue and that I would have to speak with XXXX, who had already left for the day. 
Since, XXXX XXXX present XXXX XXXX XXXX, Senior Relationship Banker, attempted to help me. She reviewed the application information in the system, however explained to me that she was not able to print the application from the system. 
I explained to her that I wanted to submit a complaint about how I was treated and how the application process was handled. I explained to her, that I was not sure why XXXX insisted on attaching my auto loan request to my current home mortgage using a HELOC LOAN. XXXX XXXX XXXX took my information and submitted my complaint. 
On XX/XX/2023, I received a letter explaining Retail Statement of Credit Denial Termination or Change. This letter has a date of XX/XX/2023. ( Enclosed ) I. PRINCIPAL REASON ( XXXX ) FOR ADVERSE ACTION CONCERNING CREDIT : OTHER ( Specify ) - Principal Reason : Information Requested not Supplied II. DISCLOSURE OF USE OF INFORMATION OBTAINED FROM AN OUTSIDE SOURCE XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, GA XXXX XXXX Your Credit Score : XXXX Date : XX/XX/2023 Key Factors that adversely affected your credit score : Serious Delinquency Proportion of bals to cred lims too high on bank Rev/other Rev Accounts Length of time Accounts have been established Too Few Accounts currently Paid as Agreed I also received a letter dated XX/XX/2023, Retail Statement of Credit Denial Termination or Change, Application NumberXXXX. ( Enclosed ) REASONS YOU DID NOT SCORE WELL COMPARED TO OTHER APPLICATIONS WERE : Serious Delinquency Proportion of bals to cred lims too high on bank Rev/other Rev Accounts Length of time Accounts have been established Too Few Accounts currently Paid as Agreed YOUR CREDIT SCORE : XXXX DATE : XX/XX/2023 ( My Questioned did they run a credit check more than once? ) KEY FACTORS THAT ADVERSELY AFFECTED YOUR CREDIT SCORE : Proportion of bals to cred lims too high on bank Rev/other Rev Accounts Length of time Accounts have been established Too Few Accounts currently Paid as Agreed Serious Delinquency In reviewing my XXXX Credit Report I could not find anything supporting information in my credit report to justify the Truist Bank statements mentioned above. Every single one of my Active Accounts states 0 ) Late Payments. Even my Closed Accounts, show 0 late payments.

I am a little confused by Truist Bank 's treatment of me and their efforts to assist me in understanding the reason for the loan denial. Especially, when they ignored my numerous requests for a copy of the loan application on many levels. I went personally to Truist Bank, emailed XXXX XXXX, on numerous occasions, spoke to him personally, and sent him a letter. 
On XX/XX/2023, I was referred to the Truist Consumer Loans Department, Phone : XXXX, and spoke with a representative, XXXX XXXX to discuss my complaints. I was informed that my complaint was transferred to another department. I was given a Reference # ( XXXX ) and told I needed to contact XXXX XXXX XXXX at the Client Advocacy Department, Phone # - XXXX, he handled issues with HELOC LOANS ). 
I phoned XXXX XXXX XXXX and left a voicemail. He returned my call and left a message on my voice mail on Tuesday for me to return the call to him at Phone # XXXX. 
I am not sure of the exact date I returned the call to XXXX XXXX XXXX, but I do remember the conversation. I kept trying to explain to him about the handling of the loan process and that I needed a copy of all documents, I signed for the loan process. He kept telling me my loan was denied mainly because, as specified on page # 5 of The Retail Statement of Credit Denial Termination or Change Under reason number I. Principal Reasons for Adverse Action Concerning Credit : Other ( specify ) Information Requested Not Supplied However when I questioned him about what information was requested and can he supply me that information in the form of an email and/or letter from Truist. He stated he would not do that and I could walk into Truist Bank where I submitted the application and get a copy.

I explained to him about the efforts I had already exhausted trying to get a copy of that application and, I was told he would be able to solve that problem.

However, all I got was, Nasty Attitude, and told, Is there anything else I can help you with or do for You!! That was the end of the conversation.

It is my firm belief that the Truist discriminated against me because I am XXXX, or XXXX American and violated the following possible reasons to sue and file a complaint against Truist bank : Lending Discrimination Equal Credit Opportunity Act and the Fair Housing Act The bank is violating consumer protection law The Truth in Lending Act ( TILA ) False Advertising, The bank is making/providing unfair or misleading statements about my credit report from XXXX. 
The bank is negligent in the procession of my loan application/information Banks continued refusal to supply me with a copy of my supposed application ( Which I never saw ) I was not able to verify my loan application and/or information contained in the submitted application to Loan Examiners prior to denial .

Financial consumer protection refers to laws, regulations, and other measures generally designed to ensure fair and responsible treatment of financial consumers in their purchase and use of financial products and services and their dealings with financial services providers.

I believe banks are required by law to provide a copy of a loan agreement to the borrower upon request. Under the ECOA, it is unlawful for a lender to discriminate on a prohibited basis in any aspect of a credit transaction, and under both the ECOA and the FHAct, it is unlawful for a lender to discriminate on a prohibited basis in a residential real-estate-related transaction.

Whether the duty is grounded in the common law or statute, the definitions are similar. The Uniform Commercial Code or UCC defines Good Faith to mean honesty in fact and the observance of reasonable commercial standards of fair dealing. Courts have interpreted the common law in the same way and have said behavior such as conjuring up pretended disputes, distorted interpretations of contractual terms, falsification of facts, or conduct that is candid but unfair violates the duty to act in good faith. 
In light of all the statements and submitted evidence I wish to file a formal complaint.

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