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Discussion in 'Credit Talk' started by rc, Mar 25, 2000.
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Do you have the agreement to extend you car loan by a month from the credit union in writing? If not, there is probably nothing you can do. If so, you can probably dispute it with the CRA and use the documentation of the agreement as back-up. Unfortunately you might get it off one month and the next time the credit union reports, it will show up again.
As for the credit union's assertion, it is completely up to them what they decide to report to the CRAs. There is no legal requirement that any creditor report any information to a CRA at all. I would take your case to upper management of the credit union and make the point that it's only fair that since they agreed to extend you loan, that they shouldn't be reporting derogatory information to the CRAs. If that doesn't work, take you case to the board of directors of the credit union. After all, credit unions are member-owned orgainzations and the board should be representing the interests of the members. You will have the best luck if this is a small credit union where the membership is from a narrowly defined group, like just one employer. Most credit unions have greivance and escalation procedures.
I once had to duke it out with a credit union myself because they had repoed my car but damaged it during the 14 day process period. I got my car back within that time and they weren't suppose to touch my car during those 14 days. Your best bet and from experience is to go to a supervisor..if that doesnt work..go to the Vice president or President of the Credit union...usually a guy or girl thats in the same bulding..and explain to them your problem. Thats what we did and we got what we wanted. Good luck!!!
strategy for rc
Beyond agreeing with J. Edgar on this one, I would suggest that rc go see Kristi at Carreon And Associates site. She is a veteran of the credit unions. I bet she could help you with your strategy. Use the "Ask Kristi" button their site.
No,No! They cannot report it this way. What they agreed to was called an "Extension Agreement". When a Credit Union authorizes an extension agreement that means they o.k'd your extension and that does not equal delinquent. Being late without their permission is delinquent not what you did. Get a hold of the CEO ASAP and tell them that an extension agreement is a written acceptance of being authorized to pay late. Tell them you want the account bullseyed immediately to reflect current. They can bullseye while you are standing there and give you a copy of the form, it's called a universal data form.
I just received a copy of my credit report and it states that I was late on my car payment August of 99. I had to replace the engine in my car and the credit union agreed to just add my August payment to the end of the contract. Can they show a late even if we agreed to add the payment to the end of the loan? i disputed it but it remains. I contacted the credit union and they say they must show it this way because they report to the bureaus every month.