Can payday loan effect my credit score?

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.

thanks ramj70, I will also find more about it.

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

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.

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.

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).

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.