- Report: #1471098
Complaint Review: RateGenius - Austin Texas
Reported By:
connie -
Red Bank, New Jersey, United States
Submitted:
Updated:
-
Author Not Confirmed
Why?
RateGenius
9300United Drive Austin, 78758 Texas, United States
Phone:
512-302-6400
Web:
https://www.rategenius.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
RateGenius unprofessional, dishonest business practices which included non disclosure of loan process unnecessary hard inquiries on credit report Austin Texas
I am very familiar with finance /lending practices / ran my own customer service company for 30 yrs . I don't know how they remain in business and feel bad for anyone who placed their trust in this company. I regret that day (in early Oct.) when I first contacted Rate "Genius" (what a joke) to reduce my interest rate and refi my auto loan.
I want to first say the name alone is a complete joke They are unprofessional ,not customer service minded and far from "genius" at anything .They fail to provide the true facts to customers and kept changing their game throughout the refi process. After a long wait /time wasted , I was told my application was denied .
They lied saying it was my low credit score? But that was not true .After much aggravation ,I was told to "re apply" and shortly after ,I received an alert from Transunion saying they had pulled my credit a second time - without my knowledge or consent - and again sent my application to various lenders .
This was never disclosed to me. More time passed and I was finally approved .I thought everything was done but , I received a large Fed Ex envelope containing pages and pages of ridiculous ,unnecessary paper work they required I fill out and send back .
Again never told to me? It included countless forms ,documents ,things to Xerox and notorize etc. for things I never had to fill out /submitt to any lender /bank for any type of loan I ever applied for. I completed all the paperwork and sent it back - only to receive a call a week later telling me some of it was " incomplete / not signed properly" !
SO, back to the copy center,bank,notary I went .Then back to Fed Ex to send it out. The final "savings" were a mere $15per mo .totally not worth this exhaustive process .Today is Jan 9 ,4 months after first calling this company -and I still have not made my 1st payment to the new lender. The process was deceptive,frustrating,overall NOT worth the time or trouble .
I regret not having just gone down to my local bank and ask for their help. I would like to report rategenius as an unprofessional and dishonest financial institution and warn others to not choose this company . Jump to Toolbar
1 Updates & Rebuttals
rateGenius Manager
Austin,Texas,
United States
Our Apologies
#2UPDATE Employee
Wed, January 09, 2019
Connie, thanks for your feedback. Because we always strive to provide our customers with excellent service and communication, we're disappointed to hear that your experience with us was anything less than perfect.
Though we're unable to research the specifics of what happened without your application number, it's clear that this process was difficult and lengthy, and for that we apologize. Though some lenders do require hard copies of the loan documents (i.e. hand-signed paperwork sent to you via FedEx) and are rather specific in their preferences for how applicants complete them, we could have done a better job of explaining this at the beginning and with assisting you in any other requests throughout the process.
Regarding the earlier portion of your refinance, the second credit pull was likely done because of the re-application. If the first offer had expired or if we were unable to find you a better rate for some reason, the next available option would have been to submit another application, as mentioned above. In this event, the original process is repeated; credit is pulled, rates are analyzed, and lenders are notified. Luckily, multiple pulls within a short time period for the same type of credit will only count as one on your credit report, and it appears that we were able to find a new rate!
Though we are glad that we were able to find you savings, we're sorry that they came with such effort. Our standard is to make our refinances as smooth as possible, and clearly yours was much bumpier than usual. We apologize for any inconvenience, stress, or confusion that this may have caused. If you have any questions about your new lender or your first payment date, feel free to contact us, and we'd be happy to help.
We take all feedback seriously, and we will use this information internally to identify opportunities for improvement to ensure that your experience is isolated. Thanks again for your review, and we hope to have the opportunity to serve you again in the future.
