ComplaintsforLenCred, Inc.

• Initial Complaint

  04/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I talked to lendcred about helping fix my credit and was paying them monthly I cancelled their services and they are say I owe them $5,689 for services when I was paying monthly never signed a contract or anything and it’s having a negative effect on my credit report and this is unfair to me. They are stating that I got a loan or they helped me get a small business loan and that’s very far from the tru to they are a scam and are trying to scam me and add it to my personal credit for something I never signed.

  

  Business response

  04/19/2024

  We don’t do credit repair and never have in our 15 years in business.  In looking up *** ****** in our system we do see that back in 2021 he hired us to help him build some business credit.  In that process we referred him to a company that did credit repair to assist him with his credit needs.  Notes in the system indicate that as of 3/2022 most of those derogatory items were removed by the third party credit repair company we referred him to.  Then in 4/2022 the notes indicate that ****** may have got his derogs removed but that he had high credit card balances and that was holding him back from some of his funding needs.

  
  As for owing us $$ and the picture being painted by *** ****** he paints a VERY incomplete picture here.  Our notes in our CRM indicate that on 8/23/2021 he financed our fee with ******** ********* to pay us for our services.  ******** acted as the loan servicer and then paid us a monthly amount; that was how *** ****** financed this fee to us.  This meant that we were paid monthly by *** ******* through a loan servicer (********).  Notes in our system indicate that at some point he defaulted with ******** but yet we continued to service him as a client which is something we technically should not have done because we were providing services and not getting paid.

  
  Our engagement with *** ****** ended after 12 months but should have ended with him much sooner since he had stopped paying the loan servicer and, in turn, we were not getting paid.

• Initial Complaint

  12/12/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  This is now the SECOND time where a "Business Financial Strategist" has ghosted me. I missed 1 of our scheduled calls, after having numerous calls, and now they will not respond to email, will not respond to voicemail, they are not on vacation because there is no email that states so and the email still works for most people I send emails to. This company is here to help us build and grow our business and personal credit and this company NEVER has anyone answer a phone, you can NEVER talk to someone when you need, and you have to blow up every team member, call, voicemail, email, just to try to get someone to get you in touch with someone else. This program is too expensive for this to continue to happen. At this current time this business in NO WAY SHAPE OR FORM should be rated a A+ on BBB this is absolutely ridiculous and I am exhausting every resource I have to make sure this doesnt happen to someone else and I get my moneys worth from this program.

  

  Business response

  12/15/2023

  This was easily resolved with Mr. ******.  He's an excellent client.

• Initial Complaint

  10/12/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  We enrolled for LenCred's services 3/2021 and were promised a team of 4 people to help us navigate establishing lines of credit for our business. Things started off well but gradually deteriorated after three people on my team stopped fulfilling their roles (mainly missing appointments and not knowing their client during the meetings, requiring to start over and rehash plan-of-actions several times, preventing any traction from occurring months in a row). I attempted to formally complain but never received any information for who to contact, so I called and left a message with the sales rep who signed my up for the program. I never received a call back. There was only one person I was able to reach to help me with these issues, my Business Financial Strategist, ***** ******, who was the only person on my "team" that was reliable and actually showed up as promised. He said he would then take on ALL the roles for the remainder of the team, however, I never received those services - I continued to only receive the ones that fall under the BFS scope. So less than 6 months into this program, I lost 90% of my team and all the guidance needed to move forward with our goals. I also spoke up about the impact that our lines of credit were having on our business and our ability to pay them on time. I requested help with payment schedules and expressed that these lines of credit were negatively impacting us in several ways. I didn't receive sufficient support with this and eventually missed a payment in December, causing our credit to drop and preventing us from opening a larger line to consolidate the smaller ones. I asked for help and never received any. We haven't had a single contact from anybody at LenCred since 01/2023, yet we are still making payments for services that have not truly been rendered since 06/2022. We've had ZERO contact from LenCred for 9 months, which is unacceptable, regardless of the reason. There should at least be monthly attempts made.

  

  Business response

  11/01/2023

  Acc to our records Ms. ******* was in a contract with us for 12 months.  She took out financing to pay for our program and was given a 24 month repayment schedule from that lender.  We are not the lender.  That means that her engagement with us was over in Q1 of this year but her payments to the lender for the services that we fully delivered will last for 24 months unless she pays that loan off early.
  
  We never want a client to be unhappy so we’re happy to give a complementary 3 month extension to Ms. ******* if she would like.  She did, however, leave out some details that we would like to clarify.  We are a technology company that helps small businesses that are either in their first 3-4 years (normally called startups) or who have revenues under $200k/year to obtain low-cost financing for their businesses.  We are not the lender and never want to be the lender.  Serving the startup audience, you would never want to be the direct lender if you want to serve that audience holistically.  Our technology and knowledge of the lenders who are willing to lend to startups has been developed over our 15 years in business and we can normally get people as much low-cost funding as THEIR qualifications allow.  This means things like personal credit, business credit, household income, along with other factors determine what each client can do.  No two clients are the same so the funding results for all 10,000+ clients we’ve worked with over the years vary.
  
  Ms. ******* went into her first round of funding with us in May of last year while she was in the first 90 days of her engagement with us.  In her onboarding we told Ms. ******* to expect approx. $25,000 in funding in her first 6 months.  That was on her Custom Strategic Plan we gave her before she signed her agreement with us and before her engagement began.  That first round of funding yielded Ms. ******* $68,000 in low cost financing, much more than our projections and targets.
  
  When our clients get their funding, it’s their money and their job to do with those funds what’s best to grow their businesses.  We don’t manage or govern how those funds are used by our clients – nor is it our place to do so.  Since she was in funding we continued to service Ms. *******.  Our consistent feedback from hundreds of clients was that they wanted to accomplish their stated goals in fewer meetings so, yes, we did do some consolidating of assets at the overwhelming request of our clients.  This was a big win as we developed a system that allowed a point person, the Business Finance Specialist, to deliver all targets and needed initiatives to each client.  There were ZERO changes in Ms. *******’s plan and NONE of the goals or targets were compromised by the consolidation of the team.  BUT, here’s what did happen: Ms. *******’s credit quality did go down and that did make it difficult to get her additional financing. 
  
  We have a clearly stated directive in our contracts to send any requests, support needs, etc. to our support channel, [email protected], we call it our AMA team.  Ms. ******* did not do that and continued to email an employee after their departure.  We aren’t penalizing her for her mistake but we have the AMA team in place for things like this.  We can’t fix any problems or answer any questions if we don’t know what they are.  The support email works great but needs to be used or it’s of no value.  In terms of the comment that, “these lines of credit were negatively impacting us in several ways” it’s important to note that we design our financing plans around 6 clearly defined benefits that we want our clients to realize.  We’ve done a White Paper on the subject and we’ve spent years refining the details of how to best pair our valued clients with those lenders.  So for someone to make claims like that it is like striking at the heart of what we do…so allow us to make something very clear: the ONLY way these lines of credit would negatively impact any business is if they borrow excessively based on their income and ability to repay or if they make a late payment.  We just can’t be in the business of micro-managing how someone uses the low-cost $$ we get them.  We are 100% willing to give that 3-month complementary extension to Ms. ******* but we categorically deny any allegations that the work we did had a negative impact on her for reasons that were our doing.  Absolutely, without question we cannot be held liable for how someone manages a low-cost line or lines of credit that our technology pairs them up with.  Ms. ******* has NO payments on these lines of credit until SHE chose to draw on them and use them.  It’s 100% up to her.  We have NOTHING to do with that and no control of it.
  
  We hope you will reach back out to us Ms. *******.  Please do so at our support channel of [email protected] and we will get started immediately with your complementary 90 day extension.

• Initial Complaint

  02/21/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  in December of 2021 I signed up for lencred to help me receive funding for my business, we put together a whole game plan to get me 40k in funding and the whole program should have been completed in 90 days or less. they were suppose to establish my business credit, fix my personal credit, and get me funding. The whole service was $4500 with 1500 down and i would pay 197.18 for 3 months and when i get the funding I would pay the rest out of the funding they helped me get. they told me I need to sign up with their 3 party credit repair company to clean up my credit in December of 2021, and once i did the intianal sign up with their credit repair company i never heard from the credit repair company after I paid the $400 to start the credit repairs. after about 6 months of working and paying lencred, we finally go for funding with about 10 different companies and they helped me get 8k on a personal credit card in which I could have done myself and that was all they could get me which hurt me more because my credit dropped almost 70 points because of all of the inquiries. the credit repair company they had me sign up with never got those inquiries off my report. After that and complaining to the company. they looked at my credit and said we can go another round of funding and get me 30k. we went another round and they got me 0 in funding. at this point ive paid them 4300 for their service and all they gotten me was 8k in a credit care. its been over a year and now they are saying they have completed their part and there is nothing else they can do for me.

  

  Business response

  03/01/2023

  In researching this account I’ve seen there have been lots of emails back and forth with Mr. ***** just in the recent months.  It is no fun when a client isn’t happy like Mr. ***** but let’s clarify a few things here…

  1 – We did not ever have a 3 month agreement with him.  We currently have well over 1,000 active clients who we meet with each and every month and there’s not one of them who is on a 3 month program.  We only offer 6 and 12 month plans.  There are targets and goals that are established and that are broken down into 90 days segments or targets but Mr. ***** has been in a 12 month plan from the beginning of his engagement with us. 

  2 – we have 19 documented meetings that we had with Mr. ***** beginning on 1/19/2022 with his BFS (who is like the Quarterback of our fulfillment team) and ending on 12/12/2022 with his exit call at the end of his engagement with us.  This is when things started to unravel.

  3 – ******’s target funding goals were NOT reached.  We obviously do not and cannot guarantee future fundings to any client but we do give them conservative targets for funding that can be obtained in the future if we BOTH do our jobs (us and the client).

  4 – We have some new developments with Mr. *****’s credit that he did not mention in his review.  His credit report has a new derogatory item that hit his report since starting with us for past due child support.  That’s a BIG issue for lenders and makes funding very difficult.  We try to work through and around those issues when we can but that’s a tough one that we didn’t have facing us as it was not on his credit when he started with us.

  5 – In reviewing his credit profile I also see that 6 of the last 7 inquiries are applications Mr. ***** submitted on his own without our knowledge or approval.  We understand our clients have lives and they have credit and finance needs beyond just the things that they are working on with us and for their businesses.  That’s normal.  We always try to coordinate those needs with our clients.  This means that if they are refinancing their home loan or buying a car or any other finance need that we want to weave those plans into the overall plan for their benefit.  When a client does things like applying numerous places without it being part of a plan it makes it difficult at best to be successful with them and for them.

  In conclusion, we acknowledge that Mr. *****’s targets were not met.  We do not accept a one-sided accusation that paints us as the problem but we are 100% willing to hit curve balls like this with Mr. ***** just like we would and do for any and all our clients.  We offered to have a call with Mr. ***** to talk this through and to hit the curve balls that are outlined above and he refused.  The offer still stands and we will be here if he would like to work through these issues and wants any of our support.  We additionally offered him a free round of funding in the future after his engagement has been complete. 

  Customer response

  03/13/2023

  
  Complaint: ********
  
  I am rejecting this response because: I deserve a refund. My expectations wasn't met, I followed everything they asked me to do, I even had to do track them down and ask them to do their jobs because they wouldn't show up to the appointments. It was a few times that months went by with out a response and I had to follow up with them when they're suppose to follow up with me. The credit company they had me partnered up with completely didn't do their job never fixed my credit, never followed up with me and ghosted me and a year later lencred reached out to them to see what's going on. we ran my credit and gather a whole bunch of new inquires and the company never took them off which was part of the game plan even after the first round of credit pulls. so they never fixed my credit after lend cred ran my credit. I've paid them every month on time. I was at every appointment on time. This is on them and I just want to cancel the contract and get my money back. I will settle with half my money back and a cancelation. I paid them 1500 up front and 197 a month for 14m. That's $4258 I paid them so far plus a 500 fee for setting me up with their credit company so in total that's $4728 and they only getting me 8k in a credit card which I could have done myself and them dropping my credit score and adding 10 new inquiries.  they have done more harm then good and all I'm asking for is $2500 back and cancel my contract. If this is not fixed then I'm filing a law suit for pain and sufferings as well. so lendcred who has been in business for 20 years can afford $2500 and a apology or I can take them to court for 200k plus my lawyer fees. 
  
  Sincerely,
  
  ****** *****

  

  Business response

  03/24/2023

  ****** has started to work with us directly on resolving this matter.  We're thankful for that.

• Initial Complaint

  02/03/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  LenCred made promises to help my company develop business credit through a team of professionals that would walk us the necessary steps. Since joining LenCred all of my advisors have left the company or are leaving the company today. We were made promises like we would be able to work with a financial strategist every month, information would be provided on financial literacy, and what the next steps are to building our credit. We were told they have lists of vendors that will help us build our credit yet we have not been told where our company credit stands or if what we are doing is working. We have gone through a number of consultants that all seem to be leaving the company and this is only in the past 6 months or so. We came to Lencred looking for solutions and have yet to be told if what we are doing is working. The company cannot provide us with a consistent representative and/or keep appointments. Just today for my scheduled appointment my rep called just to tell me they were leaving. No advise. No new rep name. Nothing. Just that they will have some call me. This is feeling very much like a scam. A lot of money for a lot of nothing. LenCred needs to do what they say they are going to do and stop giving us the runaround.

  

  Business response

  03/01/2023

  We are sorry to hear that ***** is unhappy.  When she started with us we gave her a Custom Strategic Plan that outlined what we would do based on HER needs.  4 of the 5 people we have listed in *****’s CSP are still here at LenCred.  We did have two reps who communicated with ***** who were promoted and now work on the other side of our business that helps clients with government tax credits and refunds so those 2 reps are no longer on this side of the business.  There was one rep who worked with ***** who did resign and took another position.  We certainly don’t want ***** or any of our valuable clients to be unhappy but promotions (like the two reps who ***** worked with who were promoted) and resignations (as in the case of one of her fulfillment agents who did resign) do come with the territory as you build a company.

  
  We have talked to Ms. ******** and reassigned her to a new Business Finance Specialist and will continue working with Ms. ******** to execute on her plan.

• Initial Complaint

  12/07/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I hired Lencred to help me build business credit. After many failed attempts to contact my coach. I don’t get returned phone calls or emails. They scheduled meetings and don’t show up. Unfortunately this is my second attempt working with them. I wanted to cancel a while back and they assured me they would hold up their end of the contract. BUYER BEWARE!!!!!!! This place is a Rip off please don’t sign with!!

  

  Business response

  02/14/2023

  We are sorry to hear of the disappointment with Mr. *****.  We have been in business for many years and always strive to give all our valued clients 5-STAR service.  With Mr. *****, he is correct that we missed an appointment with him on 12/9.  We spoke with him on 12/13 and what he didn't mention is that we had 9 previously successful meetings with him prior to the 12/9 call that happened on 12/13.  Again, we apologize to Mr. ***** for the one missed appt that our rep wasn't able to make.  We do have a grievance process as well that Mr. ***** did not use and that he's able to use if there are any further concerns or complaints like this and our team can quickly and immediately assist him...of course, we don't plan to miss anymore appointments and hope to not have any more issues so hopefully that process is never needed by Mr. *****.  All subsequent calls with this client have gone well since the miss on 12/9.

• Initial Complaint

  11/09/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  It has come with utter disappointment that the call scheduled with ****** ******** did not take place today at 11 am EST. I left a voicemail on the cell phone number ************ at 11:01 am informing him that 1- emailed the IdentityIQ report to him the night before our appointment and 2- ready to take his call at any given time. I hoped he had time to review and reach out to **** at 911 Credit Solutions since he promised to cc me on the email to **** on the status of FTC disputes since ****** came unprepared with that information on Friday 10/28/22. So Monday rolls around with not receiving any emails from ****** on the status of my disputes. I have paid 222.14 a month since March. LenCred along with their vendor 911 Credit Solutions failed to communicate, failed to deliver.

  

  Business response

  12/06/2022

  We are sorry to hear that Ms. ****** is unhappy.  We never want any client to be unhappy for any reason so naturally we would like to help Ms. ******.  Our team member who didn't make that one appointment was very, very sick and we simply needed to reschedule with her.  ******'s supervisor is happy to give her an additional session at no charge if that would help but this is a small curve ball that we can hit with Ms. ******.  Our system shows numerous other appointments with Ms. ****** that have happened throughout her time with us without a problem.  We are happy to make up for the miss due to our team member's illness.  As an additional note, this member of our team has been with us for over 8 years, is rarely sick, and would have fought through this had he not been very, very ill at the time of this appointment.  If Ms. ****** wants to be assigned to a new team member...something we do not think is necessary...we would be happy to do so.  We also have an internal process to address any of these concerns if she would like to work through a hiccup like this with us.

   

  

  Business response

  12/07/2022

  Ms. ****** has contacted us directly.

  Customer response

  12/07/2022

  
  Complaint: ********
  
  I am rejecting this response because:
  They won’t do anything about it. For the record I had to go to BBB to get any kind of response but no remedy. 
  Sadly, This will be ongoing. 
  Sincerely,
  
  **** ******

• Initial Complaint

  03/25/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I started with Lencred in october. 6 months in and they've accomplished only 1 on the multiples goals that were supposed to have been accomplished by now. The 1 goal which has been accomplished. I did the work myself. They were supposed to pair me with a credit repair company which will remove negatives on my credit report to boost my score. The credit repair team emailed me multiple times asking me for the same information I had already given them. While they weren't doing anything, I fixed my credit my self and got my scores high enough to accomplish the "1st goal". Lencred paired me with a team of specialist whom im supposed to meet monthly. Those meetings have been inconsistent at best and sometimes inexistent. I'd wait on a call and never get it. I was practically scammed by lencred. I asked to cancel the program since it was obvious that they werent accomplishing the goals they set out to accomplish. at that point they refused to refund me even for services they obviously hadn't rendered and will not be rendering and they are refusing. It isn't right for these guys to be able to scam unsuspecting people

  

  Business response

  04/20/2022

  Business Response /* (1000, 9, 2022/04/19) */ We scheduled a call with Ore to discuss his concerns. He's proceeding with his Custom Strategic Plan now and working with our team to execute his plan to help his business grow. All concerns are resolved.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩