Don't join Lease
Trader as a buyer. I signed up for lease trader, they put me down for a two month subscription before I authorized them to do so. Nothing I could do about it, but figured I might actually use it. I was wrong.
They will not let you contact the leasee unless you apply for their credit check. First off they performed a hard credit check, when it should have been a soft inquiry. They looked at my credit and denied me for reasons that were not
relevant. I dont use credit very often so before their credit check I had almost an 800 credit score and somehow their inquiry knocked me down to a 725.
Their reasons for denying me credit were for time since most recent account opening was too short, the number of established accounts, too many accounts recently opened and length of time for established accounts. When I called and inquired as to why I had been denied they would not acknowledge why stating that I had a low credit score. I said that I pulled it and nothing matched the reasons why I was denied. The Equifax report stated that Ive had credit for 4.5 years, my last account was opened a year ago, and I have three established accounts. Then he proceeded to tell me that because I pay down my balance every month that I was not a good candidate. Their representatives were very rude. Its funny because I was approved for three leases in the weeks leading up to this. FCRA should be notified of these wrong practices.
If you are a seller, I would warn you not to list with this company because they do not approve their qualified customers for their own credit report.
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