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Topics - jrl

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The credit scores aren't updating. I've previously brought this issue up with LC and they told me they now update bi-monthly.

Visual representation of the issue: The charts are two different random notes, one from my account, and one listed on folio.

Well, it's been two months and one week since the last update, and they still haven't updated.

So I emailed LC about this on Tuesday, and they responded "The credit scores should update in the next two days." on Wednesday. I have asked again this evening and still haven't received a response.

I think they're not taking this issue seriously because nobody else is noticing, because none of the automated systems would pick it up. The only values shown on the SecondayMarketAllNotes file are "CreditScoreTrend" and "FICO End Range" but if you look at the notes_ext or traded_notes_ext files there's a value labeled last_credit_pull_d which is the date the last credit score was pulled/updated.

When you think about it, every single note on folio currently shows a "credit score trend" that ends two months ago, which previously updated in the middle of every month. Any note could literally have went from a prime credit score to an extremely high risk score last month, or even the month before, and would still be listed with a flat or up trend. Obviously this problem gets exponentially worse the longer it persists.

I understand many here are trying to liquidate their accounts, and I would LOVE to buy your notes (that meet my criteria), but until the scores update I'm reluctant to buy a single note!

I'm currently sitting here with 15% of my account in cash because of this, hoping more people will raise this issue. It's frustrating.

Looks like LC has been busy!

1st change: A notice about Hardship Payments was added to the corresponding notes:

This borrower has had an unexpected life event and has entered in a hardship plan. Hardship plans can be either short-term (ranging 3 - 12 months) or long-term (permanent) with the obligation that the borrower continue to make regular monthly payments at a lower payment amount. At the end of the short-term plan a borrower will revert to paying their original payment amount.

As seen here:

Which is confusing, because Hardship was only supposed to be 3 months max. IIRC extending duration was a regulatory issue. It appears they've made a major change with no notice or explanation. Although the effect doesn't sound very much different from the "3rd party contacted Payment Solutions specialist and agreed to pay a settled amount" Collection Log note. Hopefully this brings down Charge Offs.

2nd change: Instead of reporting a late loan's next payment as the total amount to bring the loan current, LC now reports the next payment as the regular monthly payment.

3rd change: Notes that are in the 31-120 days late category and make payments are now reclassified properly based on payments. I had a few notes that went from being "31-120 days late" on Saturday to "16-30 days late" on Sunday. (No payments are credited or registered on weekends or holidays.)

4th change: Loans now go IGP immediately after missing a payment, instead of taking "3-5 business days", this is more in line with the action taken a year ago to credit payments on the day they're made.

5th issue: Late Wednesday Night/Thursday (Not sure on exact timing, but on charge-off days notes usually charge off soon after the day's payments come in.) marked the first time I've ever seen notes charge off before the 15th of the month, aside from when the 15th falls on a weekend. (In this case charge offs should've happened Friday Night)

6th issue: Stale Credit Scores: This is once again a problem.,21603.0.html I hope this is not a trend, as it makes folio note buy/sell decisions difficult.

7th issue: Aside from it now taking forever to load a note's payment history/performance page, a few notes simply refused to load and instead redirected to over the weekend. It appears they're no longer redirecting, but still take over 90 seconds to load.

6 & 7 are major issues IMO, though they may just be related to the maintenance, hopefully they'll be resolved soon.

5 is kinda weird, not sure what happened there, maybe they needed to get that done early to devote manpower to these other changes?

The rest, IMO, seem like long overdue changes. Maybe (Hopefully?) a sign of more interest in keeping retail customers. Though 6 & 7 take away from the positives of 1-4. Also, 4 seems to make ANAR appear lower, though it seems to be somewhat negated by 3.

Also, I thought today was a holiday, (President's Day) but I just had a few more notes with Sunday (2/16) payment dates go IGP while typing this up? Strange, it was holiday for LC last year..

Anything I've missed?

NSR Invest / NSR Invest has been down for over 24 hours now.
« on: January 23, 2020, 12:24:37 PM »
Running any filters, back-testing, portfolio analysis, etc. on either the primary or secondary market, the platform times out. It pops up "504 Gateway Time-out The server didn't respond in time." and "Unable to process your request at this time. Please try again." Same problem with two different computers on two different ISPs.

The "NSR team" seems to be part-time or outsourced. The chat window now says "usually responds in a day." It used to say either "Active Now" or something like "Back tomorrow." Lately it's more like a week on average for me.

Which is terrible, because it seems to be having issues every month or so.

Now I just looked and it says "7:48 pm in Moscow, Russia" under the name "Alex" and "Not seen yet" under my message.. Well, I sent him a message 23 hours ago. If it's night time there, that means he's gone the whole business day without seeing it.

Then under prior conversations, it says that "Alex" is "Active", "Jagdai" "Michael" and "Zach" are "Away", but in New York. (Michael in Thiensville, US)

It's very frustrating the way NSR's support is set up. Looking back at previous conversations, I have one notifying them the site was down that day, over 5 weeks old with no response. In September it took 8 days to get a response. In July 2019 and April 2018 it was next day. February 2018 it took 4 days. March 2017 it was 12 hours. September 2016 it was 10 minutes.

Maybe I should try PeerCube?

Foliofn - LC / Stale Credit Scores.
« on: January 08, 2020, 07:00:12 PM »
Usually the credit scores of borrowers update mid-month, but i've recently found out that around 90% of my current/IGP/Late notes have had their last credit pull on or before November 14th.

It's kinda hard to price notes with stale credit scores, so this is a major issue.

I also have 15 notes that haven't updated since August, with 2 that last updated in 2018, and 2 in 2017!

Also, the more recent credit pulls don't show up on the individual note's "credit score change graph" and are noticable on the NSR plaform with things like "UP (-25)" or "DOWN (10)". The only place I see these numbers is the "Download All - Extended" and "Download Details - All Traded Notes" CSV files accessed from the notes page (on LC site).

I called LC earlier today, and their respone was that "nobody else has brought this up," "can I put you on hold for a few while I ask the team," ("sure," few minutes later,) "maybe the updates are delayed from when they're pulled" and "we'll look into it."

I'm just wondering if this is something that anyone else has noticed or heard of happening before.

I hope it's not a sign of a bigger issue, like trying to save money by delaying credit pulls.

Just received this email:

Hi ****,

We wanted to let you know that new LendingClub Notes are temporarily unavailable in your state. We're working diligently to address this matter and apologize for the inconvenience.

This won't disrupt the servicing of your existing Notes, but it does mean that you won't be able to purchase new Notes for the time being or access the LendingClub mobile app as its primary purpose is to purchase new LendingClub Notes. Consequently, you may notice cash accumulating in your account from principal and interest payments.

During this time, you may still participate in the secondary market. Learn more here.

We appreciate your patience, and as a small token of our gratitude for your business, we'd like to offer you an Amazon gift card.*

Thank you,
The LendingClub Team

Really frustrated right now. Investing since May 2016.

Called and was told it was due to some operation they did on the back-end? Also, the gift card is only $25 and won't be sent out until November?! (Are they expecting this to last that long?)

Apparently it's amateur hour at LC right now.  ???

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