Consumer complaint received 2026-05-26 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Getting the loan — 
Company: SOFI TECHNOLOGIES, INC.
State: CO

Complaint narrative:
I am filing this complaint again against SoFi Bank regarding the improper handling of my loan application, the failure to make reasonable efforts to verify my identity before issuing a denial, and the resulting hard inquiry on my credit report that I am requesting be removed. They continually are dishonest in their responses. FACTS : On XX/XX/year>, my spouse and I submitted a joint loan application to SoFi. We are exceptionally well-qualified borrowers- combined income of nearly $ XXXX, {$50000.00} in savings and investments, excellent credit, and a debt-to-income ratio that most lenders would consider an easy approval. On XX/XX/XXXX, SoFi placed a single phone call to my spouse in the middle of a workday. The caller ID did not say Sofi, it was a random number and when she googled it - it did not even say it was the Sofi company. She was at work and was unable to answer. That same day - within hours of that one unanswered call - SoFi declined our application citing " inability to verify identity. '' No follow-up call was made. No email was sent. No text was sent. No other outreach of any kind was attempted. We were given no opportunity to resolve the issue. When I contacted SoFi to understand the denial and offer to just simply verify our identity, the representative 's only solution was to tell me to simply reapply. I did exactly what SoFi 's own employee instructed me to do. Upon reapplying, I was immediately declined a second time- this time for " too many inquiries. '' Inquiries that exist solely because SoFi failed to complete a basic verification process and then directed me into a second application. I want to be clear : this is not the first time SoFi has done this to me. This same sequence of events occurred last year, and I did not pursue it at the time. This is a pattern of behavior and a gross misuse of power. VIOLATION : My complaint is not that SoFi ran a credit check without authorization. I authorized the inquiry. My complaint is that the inquiry exists as a direct result of SoFi 's failure to make a reasonable effort to verify my identity before issuing a denial. One unanswered phone call in the middle of a workday, with no follow-up of any kind, does not constitute a reasonable verification effort. A hard inquiry is only justified when a credit decision is made in good faith following a complete, fairly processed application. SoFi 's denial was not that. It was an institutional failure that caused direct, measurable harm to my credit profile. Furthermore, SoFi 's own representative acknowledged the process was flawed by directing me to just reapply - and then SoFi penalized me for following that instruction. SoFi created this problem and then used its own incompetence as grounds for a second denial. DEMANDS : 1. Removal of the hard inquiry from my credit report on the grounds that it resulted from SoFi 's failure to follow reasonable lending and verification practices. 2. A written explanation of what specifically constitutes SoFi 's identity verification process and why a single unanswered call in the middle of a work day with no follow-up was deemed sufficient grounds for denial. This inquiry is not a reflection of my creditworthiness. It is a reflection of SoFi 's process failure. I am requesting the CFPB investigate this matter and compel SoFi to remove the inquiry and remediate the harm caused.

Company response to consumer: Closed with explanation