Dog_Papa wrote:I went to 3 different lending institutions about a auto loan. Two approved the loan and one wanted more info than I was comfortable giving
them. I have had other problems with this Credit Union as well. Like them making simple transactions complex, when they should not be.
During the application process, I informed them that I had a lower interest rate. I saw no reason to continue with the app. No I have
gotten a notice of adverse action letter in the mail. It states the adverse action was due to member request. Couldn't they have just
dropped the application, instead of this action denying me credit? This can't be good for my credit report.
The rep at the credit union, also wanted to sell me an extended warranty and go through a 3rd party auto broker. I didn't figure I needed
so bozo shopping for a for me. I feel the rep at the credit union did this out of spite. She has also given info I know to be wrong. In other
words she is incompetent. I tried reading the Fair Credit Reporting act. It is very hard to follow and is a very long and cumbersome document.
I have the loan from another organization, should I do anything about this adverse action or not?
The issuance of an "Adverse action notice" is required of lenders in many circumstances, and the lender that does not issue one under required circumstances can be subject to regulatory (federal) scrutiny and penalties. Withour knowing all the details, I can't express an opinion whether this was required or there was someone incompetent at your credit union. Just be aware that credit unions often must do things that appear silly or stupid. It is also the case that, because of the complexity of rules,regulations, laws, etc. that different credit unions reach different conclusions about how to meet these complex requirements.
The asverse action notice sffects NOTHING on your credit rating or score.
If you believe that this credit union (or an eployee) is providing less than satisfactory service, since you are an owner of the credit union, I strongly suggest a communication to the "Supervisory Committee" of the credit union. That committee makes sure the annual audit is done and deals with member complints as well. If this is a state chartered credit union, sometimes this committee is called the "Audit Committee".
It might be that the Board of this credit union and/or upper management is not aware of how this employee treats members. Or, it may be that they "know", but are unable/unwilling to do anything. I have seen both. I strongly believe you should, though, send a letter to the Supervisory Committee. Their contact information should be in your newsletter or on the web site or available on request.