Author Topic: Suspicious loans  (Read 3176 times)

investny

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Suspicious loans
« on: October 09, 2017, 10:29:15 PM »
These people stopped paying after making 1 payment and some made 0 payments even though they have $70,000-100,000 incomes and 700+ credit scores.
I wonder if these loans are fraudulent/identity theft related?

Loan 110966900
Loan 111907477
Loan 110353528
Loan 110437025
Loan 112712947

AnilG

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Re: Suspicious loans
« Reply #1 on: October 09, 2017, 10:53:44 PM »
Contact LendingClub and claim that these loans are fraudulent and you want refund. Let them investigate.
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investny

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Re: Suspicious loans
« Reply #2 on: October 09, 2017, 10:56:37 PM »
Contact LendingClub and claim that these loans are fraudulent and you want refund. Let them investigate.

I did email LC before posting here. This is their reply

"I have reviewed the loans listed in your email. I can confirm that the loans are being handled per our normal collection procedure. "

yojoakak

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Re: Suspicious loans
« Reply #3 on: October 10, 2017, 01:41:26 PM »
Now you understand why LC makes most of its money from Origination Fees.

AnilG

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Re: Suspicious loans
« Reply #4 on: October 10, 2017, 02:47:50 PM »
You need to escalate this issue within LC instead of stopping at response from frontline support. Are these loans charged off? Did the borrower die or filed for bankruptcy? If borrower made no payments, LC credit data showed excellent credit, it is LC responsibility to prove to you that loan wasn't fraudulent, LC can't simply charge off the loan and wash their hands. Depend on how much effort and time you want to spend, you can really push LC on this issue.

I did email LC before posting here. This is their reply

"I have reviewed the loans listed in your email. I can confirm that the loans are being handled per our normal collection procedure. "
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Anil Gupta
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investny

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Re: Suspicious loans
« Reply #5 on: October 10, 2017, 09:17:14 PM »
The loans are not charged off yet. For now they are in 60-120 days past due.

Here are the details on one of the loans.
I guess a "driver" with $109,000 income should have given it away as fraudulent

http://prntscr.com/gvvbcj

SeanMCA

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Re: Suspicious loans
« Reply #6 on: October 11, 2017, 01:01:51 AM »
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investny

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Re: Suspicious loans
« Reply #7 on: October 11, 2017, 01:18:18 AM »
Another strange thing is that LC gave that loan a C5 grade.
Based on FICO, income and DTI i would think that it would be a high B or maybe even an A grade loan.

So did LC knew something they did not disclose in the data fields?

AnilG

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Re: Suspicious loans
« Reply #8 on: October 11, 2017, 06:53:58 PM »
You will need to wait for loans to be charged off before you can pressure Lending Club about fraudulent loans. The loan is for a small amount that would explain the C5 grade. There is slightly higher default rate for loans of smaller amount. LC adjusts for risk by shifting credit grade.
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investny

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Re: Suspicious loans
« Reply #9 on: October 17, 2017, 10:46:26 PM »
Here is another one FICO 745+ stopped paying after 1 payment Loan 112020462
http://prntscr.com/gyri8q


lascott

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Re: Suspicious loans
« Reply #10 on: October 18, 2017, 12:01:44 PM »
Here is another one FICO 745+ stopped paying after 1 payment Loan 112020462
http://prntscr.com/gyri8q
After looking at that overview it is pretty disappointing and suspicious.  There must be reasons that it was an E1?
Tools I use: (main) BlueVestment: https://www.bluevestment.com/app/pricing + https://www.interestradar.com/ , (others) Lending Robot referral link: https://www.lendingrobot.com/ref/scott473/  & Peercube referral code: DFVA9Y

Lovinglifestyle

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Re: Suspicious loans
« Reply #11 on: October 18, 2017, 08:44:37 PM »
I'd say they're borrower-behavior related.
According to PeerCube data, the 112020462 loan violates at least 5 of my "no way" rules.