What Happens When A Finance Company Does Not Report Your Payments Or Loan Status To The Credit Agencies?
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I filed a chapter 7 in Oct 2006 and re-affirmed with my truck loan. They have failed to report my payments for 36 months now. I have contacted the loan company and the credit agencies in writing and over the phone and have gotten no where. I recently stopped making payments on the loan. What are my consumer rights?
2 Comments
October 12th, 2009 at 1:47 pm
Nothing happens. Lenders are not required to report loan histories to the credit bureaus.
October 12th, 2009 at 1:50 pm
When people file chapter 7 and reaffirm on a car or home it is normal for the lenders to cease reporting to the credit bureaus.
I went through the same thing back in 2001 and reaffirmed a loan with Ford and later found out they were not reporting, I was lucky all it took was a phone call and they started reporting again but lenders are not required to by law. The credit bureaus have nothing to do with this, it’s completely up to the lender weather they report or not.
If you stop making payments after you reaffirmed they can still sue you in court for the balance and repossess the vehicle.
I would suggest you call them again and talk with a manager and see if you can get this settled before you end up in trouble again.
Good luck.