Illinois Law

[marlin40]

After speaking with a rep & manager at Chrysler Financial, they so informed me that because of Illinois Law, they do not report co-signors or joint owners to the CRA's....which means, that my DH's truck will not get reported to his, only to mine.

 

Can someone tell me if they are blowing smoke up my butt or where I can find this alledged law??

 

DH needs the credit line desperately!!!!

[pryan67]

butt smoke blowing

[marlin40]

that's what I thought.....so, since the purchase was made in May 2005 and it is showing on my cra's but not his, how do I get them to report his???

 

damn, this is really ticking me off!

[pryan67]

well, the problem is that they'r not REQUIRED to report anything...

 

although...hmmm...I seem to recall someone having a thread that said if they DID report one, they have to report others....anyone remember that thread from about a month ago or so?

[marlin40]

searching........

[800SomeDay]

After speaking with a rep & manager at Chrysler Financial, they so informed me that because of Illinois Law, they do not report co-signors or joint owners to the CRA's....which means, that my DH's truck will not get reported to his, only to mine.

 

Can someone tell me if they are blowing smoke up my butt or where I can find this alledged law??

 

DH needs the credit line desperately!!!!

<{POST_SNAPBACK}>

 

If DH has poor credit a car dealer will

often try to eliminate him from the

contract to get financing at a better

rate. If they did this without telling

you, they are in the wrong. I would first

check with finance company to make sure

both of you are on the contract.

[marlin40]

no, we are both on the contract...i'm listed first and he's listed second. Chrysler has both of our info's.....

 

i'm so tired of being misinformed by those jack-butts at chrysler. All my DH wants is to be able to get some credit, but ya can't get any if you don't have any and so far he has 3 accounts that are not showing 1) chrysler 2) orchard and 3)heights finance (joint w/me)

[marlin40]

anyone??

[marlin40]

bump again please and thank you

[marlin40]

my eyes are bleeding from the searching on here and Illinois attorney general website....

 

surely someone here can lend a helping hand??

[MarvBear]

I know of no law that would prohibit a creditor from reporting a jointly held automotive account for both of the parties.

 

In particular, if both parties reside at the same address, it should be relatively easy for Chrysler Financial to do so.

 

You probably will get nowhere by talking to a regular customer service representative with Chrysler Financial.

[MarvBear]

Marlin:

 

I do have a question for you...........

 

What is the ECOA code for YOU as it reports on each CRA respectively?

[marlin40]

ECOA??

[marlin40]

On TU it states Responsibility: JOINT ACCOUNT

 

is that what you are asking??

 

I'm not exactly sure what you mean by ECOA??

[MarvBear]

Equal Credit Opportunity Act

 

Each credit reporting agency has ECOA codes that designate responsibility of the account.

 

It appears that at least on TU for YOU they are reporting correctly since it is designated as joint.

 

I am a little rusty on the ECOA codes, but I believe TransUnion should use the code "C" AS FURNISHED BY THE DATA FURNISHER.

 

That would tell me your lender does have the information regarding your husband, and is either choosing not to report or the credit reporting agencies data matching systems, if they are reporting, does not match that information with you husband's file.

[marlin40]

I see....

 

Now, you've peaked my cruiosity and EQ says Whose account: Individual Account.

 

They list a credit dispute department po box and phone, should I try calling that number or just fax them??

[MarvBear]

IMO fax=worthless

 

Who are you trying to call, CRA or lender?

[marlin40]

Lender....

 

Also, we were married after the purchase of this truck, so it is in my maiden name. Chrysler gave me a fax number to send our marriage license to so they could update the name.

 

Do you think if our last names are the same they'll report? or are they just goofy.

 

Should I initiate a dispute with EQ that it is a joint account and go from there or do I risk it being deleted if they don't update?

[MarvBear]

if YOU dispute YOUR line with Equifax, there is a chance you will loose it.

 

It appears from my perspective to be a genuine data furnisher error as the status is correct on TransUnion but not Equifax.

 

There is a good chance that if Chrysler updates your married name which would match your husband's name AND your married name is on file with the CRA's that the reporting will be ok for you both.

 

If Chrysler reports with the same media to Equifax, Experian, and Transunion, then if the ECOA code is present on TransUnion, there is no reason for it not to be present on the others.

[marlin40]

ok..so i'll fax the marriage license with another letter asking them to update my name and to report to DH's CRA's....

 

thanks Marv for all your help...you are a genius!!

[Guest jdsnappy]

Very strange. I purchased a Jeep in 2001 in Illinois and financed through Chrysler financial. My girlfriend applied with me as co-sign. Chrylser Financial shows up on both of our credit reports as joint account. Not sure why they are not reporting on both for you

[marlin40]

yeah snappy, it's pretty frusterating...DH's file is thin, has mortgage and 1 new credit card and 1 CO from verizon...he really needs the tradeline.

 

Hopefully with Marv's suggestions, I can GIT R DONE!!

[cannoda]

I always thought that the ECOA required creditors that report to report for both.

 

From what I remember, one of the reasons for the ECOA is to make sure a spouse can get credit in their own name.

[marlin40]

just checked EX and it shows JOINT too...

 

can anyone help me draft a letter??

[marlin40]

Credit Reporting for Married Persons

Information in Both Names

Pursuant to 12 CFR § 202.10, a creditor furnishing credit information must designate any new account to reflect participation of both spouses, if the applicant’s spouse is either:

 

permitted to use the account; or

contractually liable on the account.

Note: For accounts in existence before 6/1/77, creditors were required to notify married consumers of their right to change the account designation if the above conditions applied. To make the change on an old account now, the consumer should notify the creditor, who must comply within 90 days.

 

Creditors must furnish information to credit reporting agencies in such a way as to allow access to information in name of each spouse.

In response to an inquiry, creditors must furnish information in name of the individual spouse.

Enforcement

See 12 CFR § 202.14(.

Private Right of Actioin

A creditor who fails to comply is subject to civil liability for actual and punitive damages, in individual or class actions. But a debtor cannot use a violation of the Act and other regulations as a defense to nonpayment of a loan.

 

Remedies:

 

actual damages available without limitation;

punitive damages limited to:

$10,000 in individual actions;

the lesser of $500,000 or 1% of creditor’s net worth, in class actions;

Note: Punitive damages may be awarded even though no actual damages exist.

 

equitable and declaratory relief are available;

costs and attorney fees can also be awarded.

Jurisdiction. The plaintiff may sue in federal district court (there is no 'amount in controversy' requirement), or any court of competent jurisdiction.

 

Statute of Limitations. The statute of limitations is two years after the date of the violation, tolled for up to one year from:

 

commencement (within two years of the violation) of agency enforcement proceedings; or

filing (within two years of the violation) of civil action by Attorney General (in "pattern or practice" cases).

 

I think I just found info for my letter