Credit Reports and Payday Loan Companies

When I first came to the boards, I asked this question to because I was pretty concerned. The consensus I got was that NO, the pdl's do not make a practice to report ( they arent creidt account) HOWEVER, if they send it to a collection agency, they might try it...usually an ILLEGAL collection agency to boot!

IF this happens, have the CA validate the debt and then dispute with the bureaus.

sub, I replied to your other post. Yes, it can happen. Yes, it did happen. It wasn't the actual pdl. It was a collection agency for the pdl. Yes, they were illegal. Yes, they did put a mark on my credit report. Yes, I did dispute it. Yes, I battled with the collection agency. And, yes, I filed complaints to every agency under the sun.

Sorry Cannr, didn't want to duplicate topics, thats why I made this one specific. Thanks for all your advice, etc. This is really making this so much easier.

Don't apologize to me, sub! I love your posts! :D

Thanks Cannr. I'm new at all this internet posting stuff. I haven't been yelled at yet for violating etiquette yet though, so maybe I haven't screwed up yet? Oh, here's a stupid question, how do you make yourself a fan of someone?

Its a great question Sub!

Well you know Volley, I just wanna belong!

Oh you do! Dont you worry and we are glad to have you here.

About the Fan...go to the persons homepage..just click on their username, and then once on their page, click on the STAR above their avatar..it will then say you are added to the fan list.

I'm glad to be here too! This place is much more fun (and helpful) than where I was probably heading!

Thanks for the info volley, count me as your next fan. You too Cannr!

Awww...thanks! I just added myself as your fan too!!

Okay, sub! I'm waiting for you to go to my home page and click on the star above my little doggies head! I'm headed to your page now! :wink: volley, are you stealing my friends? :lol:

Oops, thought I had done that already! My bust!! That reminds me of what I told the pdl people! oops, my bust! Hahahah. NOT!

Sub, I wanna be a fan too!!!!!

Hey Cannr, did you ever get the item off your credit report?

What Volleyballmoms said is correct - The pdl's themselves don't report to the 3 main credit bureaus, but if they send it to a collection agency there is a chance it will show.

Most of the pdl's will report to your Teletrack report. This is a report that payday loan companies and rent to own furniture places use. It will show if you've defaulted with any of these types of businesses. No one really checks these reports but the pdl's and rent to own furniture places, so it's not really an issue to have a dirty report.

Although some of the pdl's have started using other reporting services. DB Bureau and CL Verify are examples of newer products that payday loan companies are starting to use. CL Verify compiles other reports, like your Chexsystem report and SCAN report. The problem with this is that some payday loan companies have started to report defualted payday loans like bad checks - Meaning it will effect your ability to write checks at a retailer that uses SCAN.

This is NOT to scare anyone, because this is very rare, and can be fought. There have been hardly any instances of payday loans being reported as bad checks. The chances of it happening to you is very low, and if you use a debit card instead of writing checks at the store, you will never even be effected by it.

does anyone have an address for this website?

does anyone have an address for 500fastcash.com?

500 Fast Cash
Phone: (888) 339-6669
Address: 515 G SE
Miami, OK 74354
Principal: Compliance Dept, Manager
Customer Contact: Compliance Dept, Manager - (888) 339-6669