The credit unions wrong?

[Jd1991]

On 2 credit sights it shows my auto loan paid, the 3rd dosnt show anything on the loan, no missed payments or anything. Loan was paid over a year ago.  The bank is now saying I still owe 1400$. Don't the credit agencies only display once they have been notified by the loan holder? I'm not sure what to do here. I don't want to pay but I don't want the bank to screw my credit.

[MarvBear]

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[cv91915]

Welcome.

 

Do you have the title to the vehicle?

[centex]

What shows on the paper reports from all four of the major bureaus? 

 

And, as CV asks...did they provide title after you had paid the loan off?

 

It is not at all uncommon for some lenders, including credit unions, to stop reporting to one bureau or another.  When this happens, balances can be left in limbo.  There is no requirement to report to all four...just that when they DO report, they do so in an accurate fashion.  Which is why we need to know what is on the actual paper reports...

[Jd1991]

Sorry, I should have put this in the post. The car was totaled so I didn't get a title.

 

I'll get the paper reports asap. Thank you

[MarvBear]

Was there a defiency in the loan balance after the insurance settled?  Did you have GAP insurance on the loan?

[centex]

18 hours ago, Jd1991 said:

Sorry, I should have put this in the post. The car was totaled so I didn't get a title.

 

I'll get the paper reports asap. Thank you

Your insurance company should be able to provide you with the lien release.

 

And, you also did not address whether the balance was correct for the date that it was last updated.  In other words...if I am a furnisher and loaned you $10K, but at the time of my last data update, you owed me $1400 but I never again update that report, the tradeline IS correct insofar as the last update that was provided.  Nothing obligates me to continue reporting data if I determine it is not cost-effective to do so...this is why some of us occasionally look for the 'hidden' tradelines...

[hdporter]

On 5/27/2020 at 3:50 PM, Jd1991 said:

On 2 credit sights it shows my auto loan paid, the 3rd dosnt show anything on the loan, no missed payments or anything. Loan was paid over a year ago.  The bank is now saying I still owe 1400$. Don't the credit agencies only display once they have been notified by the loan holder? I'm not sure what to do here. I don't want to pay but I don't want the bank to screw my credit.

 

To be fair, it sounds like you don't have any idea as to whether you owe a balance or not.  Don't look to a credit report for that information ... there's nothing there to hang your hat on.

 

You need to request a final loan accounting from your lender that shows payments and interest applied to your account, the balance just prior to application of the insurance settlement, and what (if any) residual balance is outstanding.  Mind you, I'm willing to bet your lender's final billing is accurate.  But get a supporting statement just to have confidence in that accuracy.

 

FWIW:  If this is a credit union we're talking about, I'll note that the two I've had loans with allow you to pull up extended loan transaction history online.  So you may be able to short-cut a request for a statement simply by pulling what's available in your online account.

Edited May 30, 2020 by hdporter