I recently received a letter from CITIFINANCIAL saying I was preapproved for a "personal Loan" so I figured I would call and see what they could offer me in an effort to bring down my utilization ratio. I started giving my info [i.e. SSN Name and why I wanted the money] to the guy on the phone and when he asked about my employment I told him I am a full time student and that I had a part-time job under the table. He stopped me mid application and said "we can't do this loan as you have no verifiable income" I said ok no problem have anice day and hung up. Today i got a TRuecredit alert saying they did a hard pull via Experian. At no point did the guy say can I pull your credit or I am going to pull it or anything of that nature. The letter doesn't state that either, so What Gives and how should I go about getting this removed?
Just check the fine print on the letter you received, I'm certain it says somewhere you authorize a credit report review. Though, a written request to remove the inquiry would probably be granted.
I basically was filling out the application over the phone and when it got to the employment question and I explained i was in school he said "we can't do this without verification of income, Have a good day. At no point did he say he was going to run my info. It was a 2-3 minute phone call MAX. OK I read the back of the form and it says" A consumer credit report is usually obtained and reviewed in the evaluation of an application. Upon request you will be informed whether a consumer credit report was requested and of the name and address of the credit reporting agency furnishing any such report. Subsequent credit reports may be requested and used in connection with an update renewal or extension of credit."
You should get a letter from them telling them you were denied based at least in part on the report from (whichever CRA).
I wasnt denied though. Basically when i told him mid application I was a student he said i can't get this loan without income verification.
That would be a denial. Wanna bet in this high speed age, the minute he had your SS#, the inquiry was being generated at the same moment you were completing the application?
Okay, this language explains almost everything...I'd bet that the minute you provided your name & SS# the credit report was being pulled. By the time you got to your employment status (in the telephone conversation) it was already up on the CSR's screen. So, back to the issue, your best action is to request withdrawal of the inquiry, based upon your position that you were NOT applying for the loan, only "exploring terms and conditions" of the loan.
