On 4/15/2010 I traded in my 2006 Sonanta for a New 2010 Sonanta and Contated the Credit Union at the time to 1) get the payoff 2) inform them of my intent. Everything was fine, or I so I presumed...I signed P.O.A. papers so the dealer could transfer the titles and register the car and pay the thing off and I validated the true mileage of said vehilce. I was financed through Hyundai Financial and first I got notice of a 30 late on May from Experian & Eqifax & Transunion. I disputed this to all 3 so far I've got resolution from Experian and they've corrected it to say April. I didn't even have the car in May so how could I have been 30 Days late for a payment? My payment was due on 4/20 with a 10 day grace period and the car was already financed through another instituionon 4/15/2010 How could I be 30 Days late? The other CAs have not completed their investigations as of yet.
Sounds like a paperwork issue to me. Since the due date was 4/20 and you financed the new car on 4/15, there probably wasn't enough time in between for everything to get documented correctly. Have you received any other responses from the CRAs? Hope you're able to get this all worked out.
I'm still getting E-mail notices from Eqifax that my issue is still under review. Transunioun nothing yet. But both show a new account on 4/2010 Hyundai Finance Motor Co. Should my Credit Standing be held liable because of the paperwork issue ? And all those inquiries the dealer made on all 3 of my reports, and then other insitutuions such as Wells Fargo Financial, Santander, Citi, kept sending my letters of denial long after I had already had my loan, I finally asked the dealer to please tell all these folks to stop this because these Hard Hits stay on for 2 years and look like I'm shopping for credit!
Unfortunately, credit reports generate incorrect information all the time because of paperwork issues, data entry errors, and other reporting mishaps. At the end of the day, it's left up to us, the consumers to really keep a close eye on everything and make sure what's reported is 100% correct. Since this appears to be one of those errors, you should be able to eventually get it cleared up and there's a good chance it won't have any lasting effect on your credit scores. Regarding the multiple hard pulls at one time, they'll likely be lumped together by the credit-scoring models since you were shopping for an auto loan and the models don't penalize you for that. So, I wouldn't worry too much about that either.
I seem to get the feeling somebody's "kicking the can down the street". After several attempts to get this matter resolved all 3 still report me as being 30 days late. When I last called Experian they suggested I speak to directly to the Credit Union and find out how they got paid off for my Trade In and closed the account but claimed it was late. When Speaking to the Credit Union they said the payment came from Hyundai Motor Finance on 5/4 but I was financed and got my signed contract on 4/15. Upon contacting Hyundai Motor Finance they told me they sent the check not to the Credit Union but to the Dealer, so that took a lag which put over the due date of my old loan. But had the dealer notified of this practice, I could have been spared this black mark against my good payment record. Should I file a complaint with BBB, or AG? This will stay with me for quite a while, and now it pops up as "derogatory " on the Front page of 2 reports Closed 30+Days
What a bummer... Filing complaints never hurts and it might make you feel better, but it won't do much for your credit score. I would still keep pushing the issue with the Credit Union since they're the ones reporting the 30-day late to the bureaus. If you can prove that this wasn't your fault to the right person with proper authority, you might still get lucky. I just had a local credit union charge me $2,000 for forced insurance on my vehicle because for some reason they thought I didn't have insurance anymore. Of course, I do. I still had to fight through 5 levels of customer service reps over an entire month, but I eventually got to someone with enough authority to do the right thing and refund the full amount. Don't give up - keep bugging them and pleading your case.
