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PDL-struck

If I am able to pay my payday loan on time will it effect my credit score? Is payday loan considered negative on credit report?

Posted: Fri Jul 06, 2007 11:47 am Subject:

As far as I know payday loans are not reported to the credit bureaus as its not considered a traditional loan. The only time it might be put there is if you default and they get a judgment against you, or if it goes to collections and they try and put it on your report.

PDL-Struck · Posted: Fri Jul 06, 2007 7:20 pm Subject:

thanks ramj70, I will also find more about it.

Posted: Sat Jul 07, 2007 5:03 am Subject:

It is my understanding that TransUnion is re-organizing itself to accept information to be put on your credit report(s) from the pay day loan industry, if they have not done so already. Experian and Equafax may do this also. I hope not, it takes a long time to clear up or even raise your credit score just a little.

If someone else has more solid infomation on the above that I stated, please do so.

Thank you and All the Best,
James

Posted: Sat Jul 07, 2007 7:50 am Subject:

I had a payday loan put on my credit report. I reside in the state of Georgia where payday loans are illegal. I disputed it with experian and transunion and they were deleted.

Posted: Sat Jul 07, 2007 2:36 pm Subject:

I had a ipdl named Instant Cash Flow dba cashthis.net put on my credit report. I defaulted on the loan so they turned it over to Credit Service of Logan, which is based in UT, and they reported it to the bureaus.

Posted: Sat Jul 07, 2007 9:46 pm Subject: PAYDAY LOAN ON CREDIT REPORT

Hey guys thanks for the info. I currently have one reported on my credit report from paycheck today or now or whatever. It was done from a collection agency called American debt collectors. Thanks to your suggestions, I will dispute this on my credit report and I know they are illegal in my state (NY).

Posted: Sun Jul 08, 2007 12:13 pm Subject:

Good info from everyone here. I know that PDL's don't look at credit bureaus but use a service called Teletrak, which as far as I know is for subprime lenders like PDL's and Rent to Own centers. But if one is sent out to collections, yes, it can show up on your report.

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