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ellesig4

How to get Installment Loan to report to CRA's

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This one has been a toughie. I actually have the creditor working on it with me and they are getting the run-around as well. I thought I'd come to you guys to see if anyone has any insight.

 

Pretty much I have a Car Loan that's been paid ontime for the past 1.5 years, never a late payment. I'm trying to get this to report to the CRA's (obviously it's not reporting now) in hopes that it will help my credit and credit score.

 

On one hand I have the creditor trying to talk to the CRA's to get it to report...I still don't understand why they are having so much trouble, because I'm pretty sure if I started to miss payments they'd report in a heartbeat :lol:

 

The guy at my Auto Loan place tells me that he knows someone who had this done, but they had to use a form generated by the CRA's. When I call the CRA's they are telling me that there is no way they can report this unless contacted DIRECTLY by the creditor (which the creditor is trying to contact them!) and that there is no form they can send for me to have the creditor fill out and return.

 

*SCREAMS*

 

Has anyone ever dealt with this before? Any suggestions??

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Sounds to me like the holder of the note does not have an account with the bureaus...they HAVE to be a subscriber in order to report.

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According to the creditor the do have an account, specifically with Equifax...they say that they work with the CRA's all the time. Now I don't know if that's only a one way account...meaning that they only report lates, etc...

Edited by ellesig4

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According to the creditor the do have an account, specifically with Equifax...they say that they work with the CRA's all the time. Now I don't know if that's only a one way account...meaning that they only report lates, etc...

 

Many small lenders only subscribe to report delinquent accounts or to pull reports. Furnishing regular updates is usually a different and much more costly animal...

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