Payday Loans and Credit Reports
Date: Tue, 05/11/2010 - 07:49
My understanding is that payday lenders, or the collection agency they turn your account over to, cannot report your status to a traditional credit bureau. Is this true? I have defaulted several loans and am dealing with negotiations and settlements now. One lender's collection agency is listed on my credit report now. There is an option to dispute the listing. I was wondering if anyone has had any experience with this? And if yes, will the bureau acknoledge payday lenders as illegal institutions in NY state and take the listing off of my report?
Thank you,
Heather
That is not true! The Collection Agencies will report to the cre
That is not true! The Collection Agencies will report to the credit bureaus!
Ok, thanks frogpatch. After I settle the amount owed will the li
Ok, thanks frogpatch. After I settle the amount owed will the listing come off of my report?
if it is on your credit report now, i would dispute it asap stat
if it is on your credit report now, i would dispute it asap stating that this loan is not legal and never should have been reported.
I thought I could dispute it too. A consolidation company told m
I thought I could dispute it too. A consolidation company told me the same thing, to dispute it. I definitely will.
I have the same problem - Paydaymax is showing up on my credit r
I have the same problem - Paydaymax is showing up on my credit report - and it's not the collection agency reporting it - it shows up as "paydaymax". I am disputing it based on the fact that Paydaymax is an illegal lender.
def dispute it asap and keep us posted, your experience will hel
def dispute it asap and keep us posted, your experience will help others