Citifinancial Inc Overview and Review of Services

Citifinancial Inc is a leading financial services company that offers a range of products and services to individuals and businesses. It's a subsidiary of Citigroup, one of the largest financial institutions in the world.

Citifinancial Inc provides consumer and commercial finance solutions, including personal loans, mortgages, and credit cards. Their services are designed to help people achieve their financial goals.

The company operates in several countries, including the United States, the United Kingdom, and Canada. It has a strong presence in the subprime lending market, offering financial products to individuals who may not qualify for traditional credit.

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CitiFinancial was a subsidiary of Citigroup, a leading global financial services company.

CitiFinancial offered a range of financial products and services, including loans, credit cards, and insurance.

The company was known for its consumer lending business, which provided loans to individuals and small businesses.

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CitiFinancial's customer service has been a point of contention for some users, with one person claiming they had to contact the organization 8 times or more to resolve an issue with their address.

The customer's address was allegedly changed multiple times, with the company telling them it had been updated when it hadn't. This resulted in a delay of over a month in receiving a form to update their address.

Contacting multiple supervisors, the customer was still unable to get their address updated correctly, with the company listing an incorrect address.

It's clear that the customer's experience with CitiFinancial's customer service was frustrating and time-consuming, highlighting the need for improved communication and attention to detail.

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CitiFinancial, Inc. was involved in a foreclosure case with Theodore Ballard, who had a refinancing agreement totaling $102,670.28.

The refinancing agreement was signed by Ballard and his guardian, Leala Bell, but Bell didn't obtain the necessary probate court approval for the mortgage.

The mortgage deed and promissory note were signed by both Ballard and his guardian, Leala Bell.

Ballard's estate argued that the transactions were void due to the lack of probate court approval.

CitiFinancial's foreclosure action faced resistance from Ballard's co-guardians and his estate.

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CitiFinancial was involved in a major scandal in 2007, where it was accused of predatory lending practices. The company was forced to pay $2.2 billion to settle the charges.

The settlement was a result of CitiFinancial's practice of making subprime loans to customers who couldn't afford them. These loans had high interest rates and fees that made it difficult for customers to pay back.

CitiFinancial's business model was heavily reliant on these subprime loans, which accounted for a large portion of its revenue. This led to a significant increase in defaults and foreclosures.

In 2011, CitiFinancial was ordered to pay $748 million in damages to customers who were affected by the company's predatory lending practices.

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