Consumer complaint received 2023-12-01
Company: Solar Mosaic LLC
State: NJ
Product: Credit reporting or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Information belongs to someone else

Complaint:
My wife and I are attempting to buy our first home. The house has solar panels on top, which are financed by previous owners through Mosaic , Inc. We reached out to Mosaic , Inc. , who told us to apply for the loan at a given link. The link asked us for only the most cursory information - name, birthdate, mailing address. It told us instantaneously that we had been denied, telling me that I had " Insufficient revolving credit limits Insufficient reported estimated monthly income Insufficient asset stability based on estimated home value '' - none of which apply to me. I don't have a credit card, I make annually more than XXXX the amount of the loan, and I don't own a home. We reached out to the company to investigate and after hours on the phone with multiple representatives, we were told that they could do a " manual review '', and that we could provide supporting documents disputing their claims - although, I worry it would be impossible to prove a negative, or prove that my finances were " sufficient '' given that I don't know what metrics they're using to determine sufficiency. Despite this, when we replied to their email to ask what sort of documents they sought, we never received a reply. We had been told we'd hear back within 7-15 days. Within that timeline, I reached back out because we're on a tight timeline to buy this house. They informed me that they'd completed the manual review, and that we'd been denied again, despite never asking us for any supporting documents. Again, we insisted that they review it, and they instead told us that we could accept any of the following options : " The options are as follows : 1. The potential buyer will need to wait 30 days after the first denied application to re-try 2. The potential buyer can dispute the credit denial with the credit bureau to have any disputes removed 3. Adding a new applicant who will be on title to assume the loan 4. The loan can be paid in full by the seller/ buyer. '' None of these are acceptable. ( 1 ) We can not abide by this timeline - the housing market moves too fast for this. Additionally, given our repeated denials, it seems unlikely we would have a different result. ( 2 ) We have attempted to contact the credit bureau, but no such avenue seems to exist. ( 3 ) We can not add another person to the title of our home, and even if we could, Mosaic will not allow us to add even our own spouse to the loan application, insisting that since we are assuming someone else 's loan, it must be written to only one sole person. ( 4 ) We believe this company to be scammers, so we would be foolish to send them the full amount of money. 

We have also been told that the employees can not tell us the name of their alleged computerized system that pulls credit reports and denies us instantaneously, and that they're not allowed to tell us why they're not allowed to tell us. We strongly suspect no such computer program exists - the scam is only to get people to pay off the loan in full, given that the loan is currently XXXX percentage points below the current market interest rate.

Company response to consumer: Closed with explanation