Lawsuit – SoFi Credit Inquiry Settlement Information

SoFi Credit Inquiry Settlement Information:

  • This lawsuit regards a class action suit against SoFi, a loan company which provides personal loans to consumers, was well as services such as student loan consolidation
  • The lawsuit regards consumers who visited the website between the dates of November 20th 2013 and August 12, 2014 and may have partially filled out loan information
  • The allegations in this lawsuit regard a claim that several people who visited the website performed a “hard inquiry” on their credit report without the approval of the applicant
  • The courts have approved a preliminary lawsuit regarding these claims – Sofi contends that no such inquiries were performed during without applicant approval

This loan primarily stems from the question of whether SoFi performed a “hard credit inquiry” on consumer’s credit reports without approval from the applicant.  The distinction between a “hard” and “soft” inquiry must be understood to fully grasp what this lawsuit is all about.  Credit inquiries are routinely done by loan type companies in order to pre-approve or approve applicants and determine interest rates.  Hard inquiries are reported to credit agencies and are shown on a persons credit history.  While many contend that the number of credit inquiries on your credit history has little impact on your overall credit appeal to lenders, it is one of the items which is listed in a consumer’s credit report.

This lawsuit provides members of the class with several options which includes the options of “doing nothing”, in which case you will receive a check if the settlement is approved.  The current expected total is $164.  Excluding yourself from the lawsuit is another option.  Finally you may object from the class and lawsuit or go to the hearing in person and see the court system in action.

Additional Information Regarding This Settlement:

  • The approximate settlement is $164, however, depending on the results of the settlement, this number could vary
  • If you received this notice you likely filled out a partial application and would have been included in the records provided by SoFi
  • The court hearing is set for August 8th 2016 at 10 AM – this is when a decision will be made on the class action results