Starting in February of 2013 I took out an in-house finance option for about $7000 from an admittedly sketchy lender that stated they would report my payments (Which were on time and in full) to the Experian credit union. I have paid several of the payments by check through my bank, and have the history of these payments in my bank statements, the last of which dates in February of 2014. This week however, I am in need of another car, and pulled my credit reports only to find out nothing had ever been reported regarding having an open auto loan. How do I proceed? Is there anything legal I can do to rectify the situation?
I am not sure what happened with your loan.
A lender does not have to report anything to a credit bureau if it does not want to. But if the lender represented to you that they would promptly report all payments, then its their obligation to do so, especially if that's a part of their written contract with you.
A credit repair attorney may exercise some options, including requesting that with proof, Experian properly report it. However, if the creditor is not permitted to report with the credit bureaus, then at best you have a breach of contract. I am not sure you have damages. Again its iffy.
Click on "Find a Lawyer" above and locate a credit repair/debt collection defense lawyer in your area to review your loan docs and the payment history and see if anything can be done.
This is a public forum. Any questions or answers published here should not be construed as the giving or receiving of legal advice or the formation of any attorney-client relationship. You should consult with a competent attorney in the jurisdiction where your legal issues are pending and get good, solid legal advice. This being a public forum, those answers you do read are merely given for informational purposes only.
It appears that you may have been a victim of a scam and fraud. You need to take all of the documents for the loan, if any, the payments made, and proof that you made the payments to attorney with experience in financing, loans, contracts, business, or consumer representation. You can search for such attorneys on AVVO's tool, "Find a Lawyer." Most will give you a free consultation and can give sound legal advice of what has happened and what to do.
My response herein is an attempt to give you general information and direction and is not intended to constitute an attorney-client relationship as perceived by state law.
Do you have the title for the car?
Unfortunately, lenders are not required to report anything to the credit bureaus.
Review the written contract you signed when you purchased the car. Does it mention credit reporting?
If not, you may be fighting an uphill and losing battle (having to prove an oral promise was made and that the promise survived the signing of the written contract).
My answer to this question is for general purposes only and does not establish an attorney-client relationship and is not legal advice. You should contact an attorney directly for legal advice. We are a debt relief agency and we help people file for relief under the Bankruptcy Code as well as resolve other debt issues.
There was a similar question a few weeks ago; not sure if this is the same person asking. In any event: you might have a claim against the dealer for luring you into a del by promising to report to the credit bureaus when, in fact, they do not. To have an effective case, you would need proof of the misrepresentation.
The short answer to your question: lenders are not obligated to report to the bureaus. They are merely required to report accurately if they do report.
You may want to ask your lender to provide you with your payment history that you can take to your new lender so that you can show them your good payment history.
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