Farragut Financial, EZAutoloan.com Approved me for an auto-refinance, then lied to me and denied the loan. Houston Texas

First, it is the policy of Farragut Financial Corporation to comply with all applicable local, state and federal laws and regulations including, but not limited to, laws and regulations pertaining to advertising and fair lending. Second, our goal is to satisfy the credit objectives of our customers in an ethical manner and to provide outstanding customer services. We do this by refinancing existing automobile loans to lower the annual percentage rate without extending the term of the loan. The result is a lower monthly payment that enables the customer to save hundreds, even thousands, of dollars over the life of their loan.

In order to identify consumers who are able to benefit from our services, we offer firm offers of credit pursuant to the Fair Credit Reporting Act (FCRA) using the prescreening process. The FCRA allows financial institutions to obtain and use consumer reports on any consumer in connection with any credit or insurance transaction that is not initiated by the consumer, in order to make firm offers of credit or insurance. This process, known as prescreening, occurs when a financial institution obtains a list from a consumer reporting agency of consumers who meet certain pre-determined creditworthiness criteria and who have not elected to be excluded from such lists. Firm offers of credit may be conditioned on one or more of the following pursuant to the FCRA:

(1) The consumer being determined, based on information in the consumer's application for the credit, to meet specific criteria bearing on creditworthiness (not contained in the consumer report not contained in the consumer report such as employment and income), as applicable, that are:

(A) established before selection of the consumer for the offer; and

(B) established for the purpose of determining whether to extend credit pursuant to the offer.

(2) Verification:

(A) that the consumer continues to meet the specific criteria used to select the consumer for the offer, by using information in a consumer report on the consumer, information in the consumer's application for the credit, or other information bearing on the creditworthiness of the consumer; or

(B) of the information in the consumer's application for the credit, to determine that the consumer meets the specific criteria bearing on creditworthiness or insurability.

(3) The consumer furnishing any collateral that is a requirement for the extension of the credit or insurance that was:

(A) established before selection of the consumer for the offer of credit; and

(B) disclosed to the consumer in the offer of credit.

Unfortunately, many consumers who satisfy the pre-determined creditworthiness criteria (i.e., the prescreening criteria) do not also satisfy the criteria listed in Items 1 and 3 above. For example, a consumer's debt-to-income ratio may exceed the pre-established credit policy guidelines. Calculating an applicant's debt-to-income ratio requires income information that cannot be ascertained through the FCRA pre-screening process. That is because the debt-to-income ratio compares debt load to income and is a key indicator of a consumer's financial picture that is relied upon by creditors. Generally, the debt-to-income ratio is calculated by dividing monthly minimum debt payments by monthly gross income. Farragut Financial Corporation will not know a consumer's income until the consumer contacts us in response to a "firm offer of credit."

Also, it is important to understand that prescreening does not have a negative impact on a consumer's credit score. Below please find information from the Federal Trade Commission located at ftc.gov/bcp/conline/pubs/credit/prescreen.shtm:

"Can prescreening hurt my credit report or credit score?

No. There will be inquiries on your credit report showing which companies obtained your information for prescreening, but those inquiries will not have a negative effect on your credit report or credit score."

If you have questions about the services offered by Farragut Financial Corporation, then please do not hesitate to contact us. Our information is available at www.ezautoloan.com.