GreenSky Program Settlement
The Consumer Financial Protection Bureau has reached a settlement with GreenSky LLC (“GreenSky”) regarding loan origination and servicing practices of GreenSky and certain merchants that resulted in unauthorized loans.
If you are responding to a notification or reminder email or mail from Guideline Group, we are no longer accepting outreach responses. For more information, please click here for the Consent Order FAQ.
If you were determined to be eligible to receive compensation, and received a check or letter about your redress, this site has been setup to provide information regarding the Redress you have received. Please use the navigation at the top to find additional information.
FREQUENTLY ASKED QUESTIONS
What is this letter? Why did you send it? What is an Affected Consumer? What made me eligible? Is this a Scam?
In 2021, the Consumer Financial Protection Bureau (“CFPB”) reached a settlement with GreenSky, LLC (“GreenSky”) and entered into a Consent Order with GreenSky regarding Greensky’s loan origination and servicing practices that resulted in unauthorized loans. The Consent Order can be found on the CFPB”s web site at https://files.consumerfinance.gov/f/documents/cfpb_greensky-llc_consent-order_2021-07.pdf. Guideline Group serves as Settlement Administrator under the Consent Order.
You received a Redress Notification letter as part of the Redress process under the terms of the Consent Order.
An Affected Consumer is a Potential Affected Consumer (as defined by the Consent Order) for whom GreenSky did not provide sufficient evidence of loan authorization, as defined by the Consent Order. A Potential Affected Consumer is a consumer who:
- filed complaints about unauthorized loans between March 1, 2014 and July 12, 2021, or
- completed loan applications between March 1, 2014 and July 12, 2021, and met certain other criteria defined in the Consent Order and then responded to communication(s) from the Settlement Administrator.
This is correspondence required by the Consent Order notifying you of your status as an Affected Consumer.
Who is GreenSky? I never had a loan with GreenSky. I never used my GreenSky Account.
The GreenSky Program is a loan program offered through point-of-sale merchants, retailers, and providers, such as home improvement contractors. GreenSky works with federal and state-chartered banks to originate loans and then services those loans on behalf of the lending banks.
GreenSky’s records indicate that an application for a GreenSky Program Loan was submitted and/or approved in your name.
If you never used your GreenSky Program loan, this loan will be remediated as part of the Redress process and as described in the letter you received from the Settlement Administrator.
Who is Guideline Group Inc.? What is does the Settlement Administrator do?
Guideline Group, Inc. is the Independent Settlement Administrator for this CFPB Consent Order. Guideline’s role as Settlement Administrator is limited to the following:
- Communicate with Potential Affected Consumers,
- Review consumer account information, as defined in the Consent Order,
- Determine the amount of redress due to each Affected Consumer,
- Administer redress according to the terms of the Consent Order.
Where can I get a copy of the Consent Order/details of the Consent Order?
The CFPB Consent Order with GreenSky is published on the CFPB&rquo;s website www.consumerfinance.gov under Enforcement/Enforcement Actions or at the following url: https://files.consumerfinance.gov/f/documents/cfpb_greensky-llc_consent-order_2021-07.pdf
How was my Redress type/amount determined?
You were identified as a Potential Affected Consumer under the terms of the Consent Order. If the Settlement Administrator determined that GreenSky did not provide sufficient evidence of loan authorization, according to the terms of the Consent Order, then you became an Affected Consumer.
Depending on the Affected Consumer’s specific circumstances (such as whether you used your loan, the age of your credit application, etc.), Affected Consumers may receive Credit Redress and/or Cash Redress , as explained below.
If you received Cash Redress, this redress was calculated based on the payments you made during the term of your GreenSky loan.
Your refund amount may have been reduced by prior refunds to you and/or payment reversals, if applicable. Payments identified as being made on your behalf by your merchant, if any, were not included in your refund amount and are not subject to reconsideration.
Credit Redress provided to all Affected Consumers may include removal of credit inquiries and tradelines from your credit report and/or the cancellation of your loan. If there is a GreenSky Program inquiry on your credit report at the Consumer Reporting Agencies (Experian, Equifax, and TransUnion), that inquiry will be deleted. Likewise, any tradeline at the Consumer Reporting Agencies (Experian, Equifax, and TransUnion) will be deleted if the GreenSky loan is reported on your credit report. In addition, any further debt collection efforts will cease.
Please allow up to 60 days for any applicable changes to be made to your credit reports.
Redress amounts/types are wrong, how do I get them changed?
All Affected Consumer and redress decisions were made according to the terms of the Consent Order/Redress Plan at the sole discretion of Guideline Group, as the Settlement Administrator. They are non-negotiable and not subject to further review.
Acceptance of this redress does not waive your rights outside of this settlement.
Is my redress taxable/tax impacts based on Redress?
We encourage you to consult with a qualified tax advisor. Generally, refunds of payments associated with unauthorized loans, cancellation of unauthorized loans, and deletion of tradelines will not result in tax reporting obligations, but your individual circumstances may vary.
How long is my check good? How do I get my check reissued?
Checks will be valid for 90 days from issuance. Unless reissued, checks not presented for payment during their validity periods will be cancelled and according to the terms of the Consent Order, unclaimed funds will be returned to the CFPB.
Refund checks will be reissued in the event of damage, loss, death of one or both payees, or divorce.
Contact Info
Mail Correspondence
GreenSky, LLC
P.O. Box 2730
ATTN: Disputes/CFPB
Alpharetta, GA 30023
Telephone
1-833-539-2846
Important Dates
REDRESS CHECKS AND LETTERS MAILED
MARCH 31, 2023
REDRESS CHECK STALE DATE
CHECKS WILL BE VALID FOR 90 DAYS FROM ISSUANCE
REDRESS CHECK REISSUE DATE
AT LEAST 60 DAYS AFTER THE FIRST PAYMENTS WERE ISSUED
NEW REISSUES WILL MAIL APPROXIMATELY EVERY 4 TO 6 WEEKS