Jump to content

luckydriver

giving decision logic bank username and password..sounds scary

Recommended Posts

in last ditch effort to get an expensive loan i'm helping a friend out because of a need for a car.

 

they apparently want her to use decision logic and enter her banking username and password and then pull her info then they forward info to the underwriters

 

i realize you can do a password change to something then change it back after the loan is processed but does anyone know anything about this type of thing. scares me!

Share this post


Link to post
Share on other sites

NEVER NEVER NEVER Do something like this! Any legit company does not need to use your friend's banking info to log into her account - although they may ask for statements, which is fine, this should be throwing all kinds of red flags!

Share this post


Link to post
Share on other sites

NEVER NEVER NEVER Do something like this! Any legit company does not need to use your friend's banking info to log into her account - although they may ask for statements, which is fine, this should be throwing all kinds of red flags!

 

+1 To all of the above.

 

Additionally, by 'helping' are you co-signing????

Share this post


Link to post
Share on other sites

just found out the loan was applied for a week ago. because they never gave their info out, it was denied and they got this notification (their score was mid 600s which is kind of hard to believe lol:

 

Key factors that adversely affected your credit score:

 

 

01 CREDIT APPLICATION INCOMPLETE

If you have any questions regarding your credit score, you should contact Experian that provided the credit score at:
Experian
P.O. Box 2002
Allen, Texas 75013-0036
(888) 397-3742
URL: www.experian.com

 

so not that it really matters but at least it's traceable who pulled credit. also wonder why they pulled credit since the REQUIRED bank statements were nevr even submitted

Edited by luckydriver

Share this post


Link to post
Share on other sites

just found out the loan was applied for a week ago. because they never gave their info out, it was denied and they got this notification (their score was mid 600s which is kind of hard to believe lol:

 

Key factors that adversely affected your credit score:

 

 

01 CREDIT APPLICATION INCOMPLETE

 

If you have any questions regarding your credit score, you should contact Experian that provided the credit score at:

Experian

P.O. Box 2002

Allen, Texas 75013-0036

(888) 397-3742

URL: www.experian.com

 

so not that it really matters but at least it's traceable who pulled credit. also wonder why they pulled credit since the REQUIRED bank statements were nevr even submitted

 

Just touching on your last point...

 

Currently refinancing some student loans and they pulled my credit at the onset of the application, before I submitted any documentation (which I could clearly pull out of and simply not do). So that's not really a rare loan setup there.

 

 

Website seems pretty legit.

Share this post


Link to post
Share on other sites

this is how it works supposedly

 

https://www.decisionlogic.com/HowItWorks.aspx

 

Send your customer a DecisionLogic link via SMS message or email

 

Your customer is prompted to enter their banking login credentials

 

Verification is successful. Customer receives a success notification and is redirected to your website

 

You receive a read-only version of the customers bank statements

Share this post


Link to post
Share on other sites
On 6/9/2017 at 12:43 PM, luckydriver said:

just found out the loan was applied for a week ago. because they never gave their info out, it was denied and they got this notification (their score was mid 600s which is kind of hard to believe lol:

 

Key factors that adversely affected your credit score:

 

 

01 CREDIT APPLICATION INCOMPLETE

If you have any questions regarding your credit score, you should contact Experian that provided the credit score at:
Experian
P.O. Box 2002
Allen, Texas 75013-0036
(888) 397-3742
URL: www.experian.com

 

so not that it really matters but at least it's traceable who pulled credit. also wonder why they pulled credit since the REQUIRED bank statements were nevr even submitted

Don't be confused with being approved for a loan and being allowed to drive off with a car.

As I read these responses, I am well aware of the disconnect between Finance Managers at Dealerships not doing a good enough job explaining the major agreement their client are about to enter into with them.

When your dealership (Finance Manager) submits a Credit Application to the Lender (or lenders) on your behalf often what comes back is an Approval (no conditions) Conditional Approval (with stipulations for funding to the Dealer - ie income proof, proof of employment for certain duration, tax status in good standing), Decline, or Missing Information.

For Prime Interest Deals, Approvals (with Exceptional - based on Lender parameters) don't require income based on Credit Analysis by the Lender( or bank). This is why Dealers send your credit deal to multiple lenders hoping to avoid the income stipulation requirement...

When Income is required, this is where Decision Logic comes into play. The Dealer can have the client come to Dealership and speak on conference call to underwriter at Bank or Lender to explain position and why Proof of Income is required.

The client can walk away and not move forward. They have the right to decide this.

The client does not have to ever do Decision Logic. They can leave the office and go to their bank and get copies of 90 or 180 days based on stipulations required.

Decision Logic never at anytime has any access to your bank account, however, the logging in triggers the clients bank to directly send unnamed but acct confirmed 90 day statements to the Dealer so that he/she can prove income to the willing lender(or bank) on the deal at hand and it is done within minutes offering convenience to the client.

Someone above unfortunately does not understand how the process works when they questioned why was credit pulled without bank statements submitted. This is completely backwards as customers and dealers wish to have no stipulations ( path of least resistance) so the Credit report is done first and then if required, proof of income or proof of employment may be required.

Lastly, Proof of Income, is not proof of employment. People do get fired and buy cars the same day.

Decision Logic is good company for stakeholders in the industry and clients can always perform the function they perform on their own accord. 

***** Career with Franchise Car Sales Experience and also years of Nonprime and more recently Major Prime lending experience in Automotive *****

Hope this helps people.

 

 

 

 

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Today's Birthdays

  • Member Statistics

    • Total Members
      176,543
    • Most Online
      1,528

    Newest Member
    Mizzwfd
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines