Illegal Loans on Credit
Date: Wed, 01/04/2012 - 15:24
In one of my first posts, I did inquire as to whether these would show up on my credit report if they are considered unpaid by the company who lent the money. The reply that I got was that they are not supposed to report to the credit bureaus if they are illegal so I can try to get them removed if that does happen. The thing is, I've had incorrect information on my credit report in the past and its a PITA to get it removed. I'm wondering if anyone on this forum has ever had an illegal pdl or subequent collection reported on their credit and if so, what steps did you take to remedy it. I'm trying to stay strong in this because I know that I've already overpaid on these illegal loans and if anything, I should have money coming to me but I am trying to keep my credit score intact and I reallyh don't want some dumb pdl collection showing up and wrecking it.
Hi Rocky Racoon, Yes, it is true that the illegal payday loan
Hi Rocky Racoon,
Yes, it is true that the illegal payday loan lenders are not supposed to report the item to the credit bureaus. You need to dispute the account with the credit bureaus. In addition, you can report the matter to the State Attorney General.
As far as I know illegal pdl company can???t report to the
As far as I know illegal pdl company can???t report to the credit bureau. If they do it, then it is a wrong activity. In this scenario, you can file a complaint against them to the SAG or FTC. Since you have overpaid them, ask them for the refund. Negative items remain on your credit report for 7 years from the date of your first default. After 7 years it will automatically be removed from your credit report.
I realize that illegal payday lenders are not supposed to report
I realize that illegal payday lenders are not supposed to report to the credit bureaus (I think I stated that in my post). My question (and maybe I wasn't clear) is whether anyone here has had an illegal pdl reported to their credit. If so, were you able to get it taken off and if you were able to get it taken off, how did you go about doing so?
I appreciate the answers and I appreciate all of the help that I've gotten from this forum. I am on my way to being pdl free for 2012 I'm just concerned about my credit.
I've never had an illegal lender report to my credit report. Th
I've never had an illegal lender report to my credit report. The worst thing, credit wise, that happened was being reported to Chex by my bank, due to the overdrafts caused by the illegal PDLs.
Hi, I am having a problem with collection agency on my cred
Hi,
I am having a problem with collection agency on my credit report since 2009 over a payday and i just disputed again to get it off. If you come up withy something please share it as this really is a PITA!
Hi Rocky, Unfortunatley i have had a collection agency for
Hi Rocky,
Unfortunatley i have had a collection agency for a pdl post on my credit report and i have been trying to remove since 2009. One collection agency has bought two of my outstanding pdls and has posted it on my credit report with all three major agencies 4 times on each. They have the 2 pdls listed with different account numbers. They even report monthly as past due. I have just disputed it again and i am hoping it works this time.
It is my understanding that they couldn't report since i live in NJ and PDL's are illegal in my state but just like all their other actions they never follow the law! I still get harrassing calls from them at it has been 3 Years!
hbcbuyer-can you tell us what companies you had the pdls with?
hbcbuyer-can you tell us what companies you had the pdls with?
Hi Rocky, My loans were with United Cash Loans and the Loan
Hi Rocky,
My loans were with United Cash Loans and the Loan Shop both sold to Capital Accounts. Like i said it has been going on since 2009. The problem is that is takes 30 days at least to get them removed and then they are back shortly after reporting me 4 times. It has really hurt my credit score.