I'm trying to help my son with his credit score. His car note with Mercury Credit was sold...the new company is not reporting to the CRAs. They contend they do not have the code # from Mercury Credit. The new company tells him to dispute with CRAs. I don't get that?? His car note payments are excellent...what should we do?
You need to send a letter (CMRRR) to the car company who is handling his account. Something like this... To whom it may concern, This letter will serve as my demand that you properly report my car payment history in its entirety to the 3 major credit reporting agencies. I have had this account with you since XXX and you have never reported anything regarding this account with a credit reporting agency. I will give you 7 days to respond to this demand with proof that you will not only start reporting this auto loan, but that you will report the entire history which began on XXX. Your failure to do so will not be taken lightly. Should you decide not to report this account to the 3 credit reporting agencies, I will be forced to take action through the laws protecting consumers like me. Had this account been past due or delinquent, there is no question that information would have been reported. You state that you do not have some sort of ID# required to report. This is simply not true and you still have 7 days to figure out how to report this account properly. Sincerley, John Q Public I wanted to site specific laws but I am unsure. This letter though should do the trick. Hopefully someone else here could lend a hand as well. Hope I helped, SnakeMan
I have kinda the same thing happening with "Mercury Finance." I bought a car when I was in the Navy in 1987 and financed it though Mercury, 48 months, never missed a payment. About a year ago it fell off all 3 of my reports. Changed my credit history from 16 years to 5 years overnight. MY EQ dropped 60 points and all of my cc's started sending me rate increase notices. It sucked. Are they breaking any laws by not reporting an account that has been paid and closed for 12 years?
1*This letter though should do the trick. Hopefully someone else here could lend a hand as well. 2*I wanted to site specific laws but I am unsure. S.M. ************************* 1*Don't think the letter will work. 2*cause there isn't any law that says they have to report anything.
Hi BJM, Not time to start the "unfriendly" approach yet. If OC#2 says their reporting is predicated upon receiving this code number, [I'm sure] that means that they ARE subscribers. Otherwise they would have said "WE DON'T REPORT - PERIOD." So I'm wondering if you can get OC#1 to get that code number to OC#2? There's no law that dictates a creditor must report anything. Making demands will prove unproductive at this early stage. Whatcha think? .
Some lenders - as unfortunate as it is - only report "negative" information to the bureaus. There are auto finance companies who will not report the positives - but if you get behind or if they ever repossess your car - rest assured - they will report that.
I have the same problem with eloan-- they have never reported my car loan. I've called to request that they report and get a token response... it will be reported on the next billing cycle or something like that. still nothing. Nevertheless, I'm with butch-- it is not time to be unfriendly or threaten a lawsuit... I don't even think there could be a lawsuit based on non-reporting on positive info. Best thing to do is write a letter requesting that they report, explaining why it is important to you (building credit etc), and include in the letter all the info they would need for reporting (full name, address, ss#, acct).
