Open Road Lending Nothing more than a way to ding your credit Internet
I received one of their letters in the mail. I know i have had credit issues, but I felt I was in a better position now, so I went ahead and filled out the application.
First I was told I was approved. Then I received a call requesting more information. It was curious why I was being asked the same questions that were on the application. But I went ahead and answered everything. At the end I was told that I was declined because of the the loan-to-value being too high. So basically the only thing that resulted from this is that my credit is now lower due to a new inquiry! I am not going so far as to say that this is predatory lending, but it is pretty close. Their materials should be more truthful. Stop burying everything in tons of fine print. This is typical of companies that are not honest! I will definitely be warning others about this for sure.
4 Updates & Rebuttals
Chris
North Richland Hills,Texas,
USA
Just read the letter
#5REBUTTAL Owner of company
Thu, July 21, 2016
The problem is when we send you a pre-approved letter, its based on your credit information only. We don't know things like your income or collateral infomraton. That info is listed on the back of the letter and spells out very clearly what the guidelines are that we can allow. Unfortunately in your case, based on the information you provided, you do not meet those minimum requirements.
Troll elsewhere
#5Author of original report
Thu, July 21, 2016
Thanks "Jim" for your useless response. Clearly reading is not your forte. My denial had nothing to do with my supposed "failure to pay my bills on time". Please troll elsewhere. I'm sure there are plenty of other sites where you can flex your internet muscles.
Jim
Florida,USA
Who's Credit Record Is It?
#5Consumer Comment
Thu, July 21, 2016
If you don't like the FACT you are being denied credit, then perhaps you should have paid your bills on time! Secondly, failing to read what you have agreed to before you agreed to it is also entirely YOUR FAULT!
Update after BBB complaint
#5Author of original report
Wed, March 16, 2016
I filed a complaint with the BBB on OpenRoad Lending. Their response was "you gave us permission to share your information with our partners". Based on the buried fine print, that is true. However, the fine print does not say that these "partners" will also make hard inquiries on your credit report. My score fell 15 points after this ordeal and nothing has changed other than dealing with this company. I will continue to raise awarness of their shady practices to warn others off of this sham company.