Business ProfileforCit Technology Financial Services

I am writing to formally file a complaint regarding the handling of my recent equipment financing application with CIT Group Inc. My business, IT A MOVE IN REALITY CORP, registered as an S-Corp in Illinois and in good standing, applied for financing to support our operational needs. On 06/11/2024 I received approval for a $30,000 financing request, which included a credit check through Experian. As part of the verification process, I was asked several security questions to confirm my identity, all of which I successfully answered. My business operates in the social media entertainment sector, primarily focusing on gaining subscribers. Our financing request was aimed at purchasing 20 iPhones with high storage capacity necessary to meet our business objectives efficiently. Initially, approval was granted; however, CIT Group subsequently rescinded this approval, citing that my business could not be verified. This claim is factually incorrect. My business was fully verified and all verifications were completed satisfactorily. We are deeply concerned that the decision to rescind the approval was influenced by discriminatory practices based on race, as this remains the only discernible reason for the retraction, given the compliance and standing of the business. As a business led by African-Americans, this experience has raised significant concerns of potential racial biases within the application review process at CIT Group. We respectfully demand the following actions: 1. An immediate, transparent review of the circumstances and decision-making process that led to the retraction of our financing approval. 2. A detailed explanation of the verification procedures used, and the specific grounds on which CIT Group claims our business could not be verified despite all verifications being passed. 3. Reassessment of our original application without prejudice or discriminatory bias.