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Author Topic: Suspicious loans

i
  • Posts: 28
Suspicious loans
OP: October 08, 2017, 11:00:00 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
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  • Posts: 300
Suspicious loans
#1: October 08, 2017, 11:00:00 PM
Contact LendingClub and claim that these loans are fraudulent and you want refund. Let them investigate.
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T
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Suspicious loans
#2: October 08, 2017, 11:00:00 PM
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y
  • Posts: 182
Suspicious loans
#3: October 09, 2017, 11:00:00 PM
Now you understand why LC makes most of its money from Origination Fees.
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T
  • Posts: 6588
Suspicious loans
#4: October 09, 2017, 11:00:00 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.

from: investny on October 09, 2017, 10:56:37 PM
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T
  • Posts: 6588
Suspicious loans
#5: October 09, 2017, 11:00:00 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
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  • *****
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  • Posts: 67
Suspicious loans
#6: October 10, 2017, 11:00:00 PM
Pay these suspicious loans no mind folks because right now you have a limited time to earn 1 MileagePlus award mile for every $1 you invest — that's double the previous MileagePlus offer of earning 1 award mile for every $2 you invest on LendingClub!

Don't miss out on earning up to 100,000 award miles — that's enough for four roundtrip domestic economy Saver Award tickets!** This double MileagePlus offer is only valid from October 9, 2017 through January 9, 2018


See, 700+ FICO, six-figure-earning straight rollers don't seem so bad now, do they?
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T
  • Posts: 6588
Suspicious loans
#7: October 10, 2017, 11:00:00 PM
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?
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T
  • Posts: 6588
Suspicious loans
#8: October 10, 2017, 11:00:00 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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T
  • Posts: 6588
Suspicious loans
#9: October 16, 2017, 11:00:00 PM
Here is another one FICO 745+ stopped paying after 1 payment Loan 112020462
http://prntscr.com/gyri8q

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l
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  • Posts: 324
Suspicious loans
#10: October 17, 2017, 11:00:00 PM
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L
  • Posts: 241
Suspicious loans
#11: October 17, 2017, 11:00:00 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.
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