OneMain Financial Holdings, LLC Consumer Loan Complaint

OneMain Financial Holdings, LLC Consumer Loan department,

Installment loan Managing the loan or lease Georgia

I contacted the lender ( One Main Financial ) to refinance my high interest rate loan ( 33 % ). I have never been late on this or any loan/debt in over 24 months. I told them my credit score had increased from the low - 's since origination in 2014 to - today. I was advised that would allow me to get a better rate but they would have to make a hard inquiry to verify. I told then hard inquiries negatively impact credit ratings and I did n't want to go forward if there was no opportunity for a rate reduction. I was advised that the rate reduction was possible due to my score but they had to see the report. Once the report was pulled I was told no rate reduction would be offered even with a score of nearly -. I was only then when I was told decisions are not score based but other undisclosed factors determine the rate. I was told to get their lowest advertised rate


was near the limit and over - % on another, I was not a homeowner and I had - inquiries listed. I was told my score had nothing to do with getting a lower rate. This is a deceptive practice and harms the consumer trying to refinance their loans. The lender caused me to negatively impact my credit rating with a hard inquiry when my credit score had no bearing on their decision even though I was lead to believe so prior to authorizing the inquiry.