Reporting to three major credit bureaus??
Date: Wed, 05/19/2010 - 11:22
Could someone please let me know if Magnum Cash Advance can legally turn my debt over to the three major credit bureaus? I live in PA.
I had made arrangments to pay them the rest of the principle amount borrowed in two monthly installments. Well my paycheck was a day late and that same day it was due they sent me an email that they had not recieved my payment and would turn me over to their collection agency AND list this debt with ALL three major credit bureaus. I emailed them to let them know what is going on but waiting to hear back from them. I am trying to work with them but really would not like this on my credit report for the next seven years.
Thanks all :)
Magnum Cash Advance is an illegal lender. PDLs are illegal in t
Magnum Cash Advance is an illegal lender. PDLs are illegal in the state of PA. You may have already paid them the full principal. How much did you borrow? How much did you pay back so far?
If they've reported to the credit bureaus, you need to dispute. They absolutely cannot verify and illegal loan.
Seach the site for Shazzer's "how to deal with illegal lenders" sticky and follow the advice there.
When I worked with Magnum, they were quite amenable, marked my loan PIF and sent me a letter stating such.
Good luck!
I already followed Shazzer's post about illegal lenders, that is
I already followed Shazzer's post about illegal lenders, that is how I got arrangements to pay my balance. I still do owe the company a little over a hundred dollars for the principle on the loan. They seem to be amenable, that I why I am willing to work with them, but I didn't like how they stated about reporting to the credit bureaus like 6 times in their last email and was just wondering if they can do that or not.
So thank you for your response :)
Well, they can report it to the bureaus if they want but, if the
Well, they can report it to the bureaus if they want but, if they can't validate it, it will just be removed :)
agreed, keep an eye on your credit report and if they show up di
agreed, keep an eye on your credit report and if they show up dispute it asap.
if you filed reports with the attorney general and FTC I would do a follow up mentioning that they are threatening this.
