Consumer complaint received 2024-10-11 00:00:00
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Improper use of your report — Credit inquiries on your report that you don't recognize
Company: TD BANK US HOLDING COMPANY
State: VA

Complaint narrative:
Subject : Complaint Regarding Misleading Promotional Practices by TD Bank for TD Fit Loan Dear Consumer Bureau, I am writing to file a formal complaint against TD Bank concerning deceptive practices related to their promotional offer for the TD Fit Loan in the 3rd week of XX/XX/year>. 

Recently, TD Bank offered me a TD Fit Loan, assuring me that the application process would involve only a soft pull on my credit report, which would not affect my credit score. However, during the application process, at no point was I forewarned that sequentially proceeding would automatically generate a hard pull on my credit report. This hard inquiry negatively impacted my credit score without my informed consent. 

https : //www.tdfitloan.comXXXX XXXX XXXX XXXX  Quote from above TD Bank FIT Loan Website - : Loan Application Will my credit score be impacted if I view my rates? 
We perform a soft credit inquiry upon checking your rate. This allows you to check what rates and terms may be available to you. This soft inquiry will not affect your credit score and will only be visible to you on your credit report, not to others. 
( I did not receive any rates and terms ; instead, I only received a request for additional documentation. ) However, if you choose to continue with the application after reviewing your terms, the TD Fit team will perform a hard credit inquiry prior to the verification process. Hard inquiries can affect your credit score and are visible to third parties reviewing your credit report. 
( How can I proceed with an application without receiving rates and terms from the soft pull? During this process, a hard pull was generated, which harmed me as the customer unwittingly. ) Subsequently, I chose not to proceed with the loan and declined to provide further documentation because I had secured a loan with another bank. In response, TD Bank threatened to issue a Notice of Adverse Action on my credit report. This felt unwarranted and punitive, especially given that I did not complete the loan application process with them.

When I raised these concerns with TD Bank, they referred me to their terms and conditions, which were embedded in fine print that is difficult for the average consumer to read and understand. It appears that crucial information about the hard credit pull and potential negative consequences was not communicated clearly or transparently. 

I believe that TD Bank 's actions constitute deceptive advertising and lack the necessary transparency, which can mislead consumers and harm their financial standing. I am urging your office to investigate this matter to protect consumers from such practices.

Prior to reaching out to you, I made a sincere effort to resolve this matter with TD Bank by contacting their Customer Service. Records of these communications should be available, as all phone calls with their operators are recorded for quality control purposes. 

The attached supporting documents will provide a more detailed explanation of the subject matter. 

Thank you for your attention to this issue. 

XXXX XXXX Contact of TD Bank - : The TD Fit Team XXXX XXXX For written correspondence, please contact them at : TD Fit Loan XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation