Consumer complaint received 2020-02-04
Company: Social Finance, Inc.
State: OH
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Incorrect information on your report
Sub-issue: Information belongs to someone else

Complaint:
Step 1 : What is this complaint about?

Sofi 's unfair business practices. Their actions support fraudsters instead of impacted hard working and honest customers such as me when someone fraudulently used my identity to obtain a personal loan in the amount of XXXX. 
1. I had to make numerous calls to them just to find out if any account was open fraudulently in my name but those calls didn't yield any results. I have proof to backup my claim of a 9 minute call to them ( XXXX ) from my cell phone as early as XX/XX/16. And many more calls but no proper answer and no documents were mailed to my residence. It was only after I disputed the loan account with credit bureaus, the truth in lending act disclosure was sent to me on XX/XX/XXXX for the loan dated XX/XX/XXXX. When challenged, all they had to say was they are a paperless office. Paperless at the cost of a hard working and honest customer such as me? Is this really an acceptable business practice? 
2. Unlike any other financial institution I interacted with, this company reps won't connect me to their fraud department when I mentioned about my identity being misused by thieves. On the other hand, their response always was their fraud department don't take calls. And they won't call me as well and I really suspect if there's any fraud department. Is it too much to expect a expedited response to halt illegal activities sooner rather than letting it continue? Is it legal or fair business practice to let illegal activities continue or to support thieves? 
3. From my numerous calls, I got bits and pieces of information. One such information was that loan amount was wire transferred to the fraudulently opened account. They won't give me the bank details or account details even after providing all my information that matched their records. I am afraid their actions could land me in more trouble due to thief misusing these funds for illegal activities. What kind of business practice is it to sanction a loan so easily to a fraudster but won't help stop illegal activities? In my last call yesterday, I told them that I will report their unfair and unethical business practices to federal agencies and here I am doing it with the hope of getting these rectified. 
Step 2 : What type of problem are you having?

A personal loan was sanctioned to a thief using my identity but Sofi continues to put obstacles to slow me from stopping further illegal activities.

Step 3 : What happened?

Late XX/XX/XXXX, I started getting letters from several banks on my credit card applications and loan application s being rejected. Some bank accounts did get opened too. I called each one of these financial institutions to inform them of my identify being misused and also had them shut down such accounts. But, SoFi failed to act in a timely manner and I am afraid this money and related accounts could have been used fraudulently resulting in terrorism or drugs or other illegal activities. This even after I had provided them the police report details to further assist them with their investigation.

Step 4 : What company is this complaint about? 
SoFi Lending Corp XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, UT XXXX Step 5 : Who are the people involved? 

I talked to numerous people but have only name. The name of XXXX XXXX ( servicing manger ) was mentioned in their letter to me dated XX/XX/XXXX. When I asked Sofi rep to connect me to XXXX, their response was that they don't know who it is. Unfortunately, no extension was given but only the common number of ( XXXX ) XXXX

Company response to consumer: Closed with explanation