Consumer complaint received 2023-04-24
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Getting the loan — 
Company: GOLDMAN SACHS BANK USA (CA)

This is a complaint that is being filed against GreenSky , LLC ( NMLS # XXXX ) aka XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 

I submitted a loan application together with my wife ( XXXX XXXX ) who is trying to establish her credit as she just came to the U.S. last year. We were verbally declined by GreenSky. On the same date I resubmitted a separate loan application on my own name and was declined by GreenSky. We feel that we were discriminated and do not understand why we were declined with GreenSky but approved by another lender ( XXXX ) on the same day at a higher interest rate and loan payment. Further, when I called GreenSky to understand the specific reasons why I had been declined, no one could tell me specifically why I was declined credit. We also feel that we were caught in a bait and switch scheme. 

Facts : I submitted a joint loan application with my wife to GreenSky on XX/XX/XXXX. We applied for a {$25000.00} loan with GreenSky to finance the acquisition of a new energy efficient air conditioning unit. The XXXX who was to install the unit XXXX XXXX XXXX XXXX personally took my application face-to-face and submitted it online to GreenSky on my behalf. XXXX XXXX told us that we were declined by GreenSky. When I ask the XXXX XXXX representative why we were declined, he was unable to tell us. He suggested to submit a new loan application under my own name and so we did. I was decline and again I was not given any specific reason ( s ) as to why I was declinedXXXX XXXX XXXX suggested that we submit my loan application to another lender ( XXXX ). I was hesitant as they had a higher interest rate, loan payment and term but agreed as I had no choice. My family was in potential danger since XXXX XXXX  had determined that the furnace on my A/C unit was cracked and could potentially rupture and start emitting carbon monoxide throughout my house. I was approved with XXXX at an 8.99 % APR, for {$25000.00} for 12 years. GreenSky was offering 5.99 % APR for {$25000.00} amortized over 10 years. 

On XX/XX/XXXX or thereabouts I received a declined letter from GreenSky. 
On XX/XX/XXXX I called GreenSky at XXXX, the phone number on their declined letter. I talked to someone by the name of XXXX who did not have access to my application and was helpless. She insisted that I needed to call XXXX and said they would explain why I was declined. I told her their denial letter specifically stated the following : The reporting agency played no part in our decision and is unable to supply specific reasons why we have denied credit to you. You also have the right to a free She apologized and said she was unable to help me. When I asked for their address where I could send her company a complaint, she said she did not have one and kept insisting that I contact XXXX. After I insisted and insisted and kept insisting that XXXX would not assist as they had not declined me for credit, she asked me for my date of birth and SS #. She then said that someone by the name of XXXX would assist me. When XXXX got online, I asked her title and she said she was a front-line manager. I told her my story and told her that I wanted to know specifically why I was denied because the reasons for denial on their letter were not reasons for denial under the law ( GreenSky reasons for denial were : 1. Number of recent inquiries on credit bureau report.

2. Unable to verify applicants identity.

3. Unable to verify application information ). 

She then told me that the reason I was declined was because my SS # was incorrect, I said how could it be incorrect when you pulled a credit report on me? And, if it was incorrect, then why did you not ask for the correct SS #. ( Subsequent to my call I requested a copy of my credit report from XXXX. Page 13 of the report shows a hard inquiry from GreenSky Installment ). 
She then said that I could re-apply. I said fine. I supposedly got transferred to sales, but instead, I was disconnected ( on purpose it seems to me ). 
I called back again and ended up talking to a customer service representative, someone by the name of XXXX. I told him my story and said that I wanted to file a complaint and he said he would open one a compliance resolution issue. 
On XX/XX/XXXX, someone by the name of XXXX from their customer service department called and said that she would open a compliance solutions case ( # XXXX ) and would notate that the reason of the complaint was an explanation for the reasons of credit denial. I asked her phone number and she gave me XXXX, x XXXX. She said someone from GreenSky would call me back. 
On XX/XX/XXXX XXXX called me back on a recorded line. She apologized and said could not see the reason why I was declined and could not offer any other information. she also mentioned that she could not resubmit my application because it was past 30 days from XX/XX/XXXX. I then asked, if you can not offer help then what is the purpose of your call? She said that it was because a complaint case was opened, and she had to follow up on the case as part of their protocol. 

Conclusion : I believe that under ECOA and Fair Lending laws, Im entitled to know the reasons why I was specifically declined.

I feel that the denial reasons on GreenSkys denial letter are not reasons for denial. As a result of their denial, I ended up with a loan with a much higher interest rate, payment and loan term and feel that this is not fair. Based on my excellent payment history ( XXXX XXXX ), income and assets to support the loan, how can the same applicant with the same credit profile, assets and income can be approved for a {$25000.00} loan at 8.99 % APR, for 12 years, but declined for the same loan amount with a much lower rate and payment ( 5.99 % APR for {$25000.00} amortized over 10 years ). I believe this would be considered discrimination under both Fair Lending and ECOA laws.