Consumer complaint received 2024-11-02 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Getting the loan — 
Company: Transform Credit Inc.
State: FL

Complaint narrative:
I am submitting this formal complaint against Transform Credit , Inc. for deceptive and misleading practices in their loan application process, premature collection of sensitive financial information, and refusal to confirm revocation of XXXX authorization or deletion of my personal data. 

I applied for a loan with Transform Credit. The initial steps of the application led me to believe I could qualify based on my own financial profile, as no mention was made of a cosigner requirement. At the start of the process, Transform Credit required me to provide ACH authorization and sensitive banking information.

Timeline of Events and Evidence of Misleading Practices 1. Initial Contract and ACH Authorization I received a proposed credit contract from Transform Credit, which required my ACH authorization, granting them direct access to my bank account. This initial contract contained no mention of a cosigner requirement, leading me to believe that I was being assessed based on my financial profile alone.

2. Affordability Confirmation While completing my application, I received an Affordability Confirmation email indicating that I could afford the loan based on my financial details. This further reinforced that my loan would be approved independently, with no mention of needing a cosigner.

3. Cosigner Requirement Disclosed Only After Submission After submitting all required information, including ACH authorization and my Social Security number, I was redirected to a page informing me that a cosigner was mandatory. This requirement was only disclosed at the end of the application process, constituting a bait-and-switch tactic.

Responses from Transform Credit Upon recognizing these deceptive practices, I immediately contacted Transform Credit, demanding : 1. Immediate cancellation of my application.

2. Full revocation of ACH authorization.

3. Permanent deletion of all personal, financial, and banking information, including my Social Security number.

In response, Transform Credit sent XXXX separate, disjointed emails that vaguely acknowledged the application cancellation but failed to confirm ACH authorization revocation or comprehensive data deletion. None of these responses referenced my initial message, loan reference number, or specific demands, raising further concerns about their data management and internal accountability.

Summary of Deceptive Practices and Licensing Concerns Transform Credits application process employed a bait-and-switch tactic, withholding the requirement for a cosigner until after I had provided ACH authorization and other sensitive information. When I later requested confirmation that my ACH authorization was revoked and my data deleted, Transform Credits responses were vague and failed to directly address my concerns. This evasiveness raised additional concerns about the companys transparency and potential consumer rights violations.

Due to these concerns, I investigated the company further and reviewed the State Licenses page on their website. I discovered that Transform Credit operates under a temporary XXXX XXXX XXXX XXXXXXXX ( License Number : XXXX ), issued on XX/XX/year>, and set to expire on XX/XX/year>. The temporary nature of this license, combined with their misleading practices and lack of transparency, raises significant concerns about their compliance with consumer protection laws and proper handling of sensitive data.

Company response to consumer: Closed with explanation