Business ProfileforSelf Financial, Inc.

BBB files indicate Self Financial Inc. has a pattern of complaints concerning contract and credit reporting issues.  Specifically, consumer complaints allege objections about debts listed on their credit report including questions regarding liability for debts from Self Financial and/or Lead Bank.  Some consumers allege they do not have a contract with Self Financial or in some instances have not received a copy of their original contract when they requested it from Self Financial Inc.

On October 12, 2023, Self Financial Inc. responded that their products report under the Fair Credit Reporting Act (FCRA) requirements resulting in both positive and negative information being supplied to the Credit Bureaus based on the actions of the consumer.  Self Financial Inc. replied if their customer attempts to have negative history removed it is often an action recommended in social media circles, but consumers agree to Self Financial Inc.’s 1) Terms and Conditions which outlines the terms of the accounts Self Financial Inc. offers 2) Loan Documents in which the customer agree to the loan terms during onboarding and is provided a copy in their dashboard. 3) Cardmember Agreement (Secured card)-The customer agrees to the cardmember agreement and terms during their onboarding.  The agreement is also provided in the customer’s dashboard.  Self Financial’s response also detailed accounts cannot be created without a customer agreeing to it and other items during onboarding of both the Credit Builder and Secured Credit Card accounts. 

BBB files also indicate that Self Financial Inc. has a pattern of complaints concerning consumers unaware of a personal loan or credit card opened in their name with Self Financial Inc.

Self Financial Inc. responded they have a robust practice of verifying the identity of their consumers during the onboarding process.  BBB provided examples of complaints with these concerns and Self Financial Inc. responded claiming of ID theft continues to be a tactic promoted in social media circles as a method to remove delinquent tradelines; Self Financial Inc. responded the examples BBB referenced fit this narrative.   Self investigated the complaints into possible ID theft and confirmed the customers agreed to the accounts in question and provided a response reflecting their findings.

BBB determined Self Financial Inc.’s response did not reflect a summary of actions to work on addressing or eliminating the underlying pattern of complaint concerns.

BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising.  These claims may come to our attention from our internal review of advertising, consumer complaints and competitor challenges.  BBB asks advertisers to prove their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.

On June 28, 2023, BBB contacted Self Financial regarding testimonials on their website self.inc advertising specific outcomes from their services. 

Self Financial advertises testimonials advertising specific outcomes for example:

“My credit score improved 70 points and is back over 700. I am now months away from achieving my goal of homeownership!” Jernessa J., FL Actor portrayal. Individual results will vary.”

BBB Code of Advertising states in general, advertising which uses testimonials or endorsements is likely to mislead or confuse if it is not genuine and does not actually represent the current opinion of the endorser. If a consumer’s experience represented in an advertisement is not the typical experience of those using the product or service, unless the advertisement clearly and conspicuously discloses what the expected results will be. 

BBB requested Self Financial to substantiate that the endorser’s experience is representative of what consumers will generally achieve with competent and reliable scientific evidence to support the expressed and implied claims would be achievable if the advertiser made the representation directly without using endorsements.  BBB further requested if the typical consumer utilizing Self Financials’ services could not achieve the results advertised in the testimonial as a common result to disclose:

“These testimonials are based on the experiences of a few people, and you are not likely to have similar results.”

“Results claimed by our customers below are based on individual experience that are unique and cannot be guaranteed.”

Or discontinue the testimonials.

On October 12, 2023, Self Financial responded their compliance team is required to review testimonials confirming the claims align to the experience the customer received using their Credit Builder or Secured Card, Claims are substantiated prior to marketing, and disclosure is placed within the footer of the claims:                 

“† Testimonial Disclaimer: Review provided by customer to Self Financial, Inc. d/b/a Self or Self Lender directly. The comment above is related to individual experiences or results. Individual results may vary.”

BBB determined that the testimonials advertised on Self’s website did not align with BBB’s Code of Advertising as the website did not disclose what the typical result would be or provide evidence substantiating the results of the testimonials would be interpreted as representing as what consumers will generally achieve or disclose the expected performance based on adequate substantiation for the advertised representation.