I borrowed my own money on 3 occasions after I spoke to the bank. They explained how this would help improve my credit by showing on my credit report 3 paid loans. I did this ahead of time knowing I wanted to borrow in a couple of years. Its now 18 months, when I checked my credit report from equifax, there was nothing showing these loans. (This bank uses equifax for reporting) When brought to the attention of the bank, they explained they had a clitch at that time and loans did'nt get reported. They also explained they did'nt think they could go back on these old loans and still report them. My Questions are, Do I have legal recourse to get them to reimburse me for the loan costs and interest paid? Also if they do report my loans how will a lender view this compared to 3 loans paid 18 months ago? If they can report the loans, I feel like they still have an obligation to return my costs! THANKS
This was part of the discussion - that the main reason for the loans was to build your credit?? If that's the case, I would suggest corresponding with them in writing about it - a nice polite letter requesting them to please report because after all, that was the reason you took out the loans. Hopefully they would agree about that in their response. Then take them to small claims court. Actually you can take them to small claims court anyway if you want to go to the trouble. Who knows what they'd do? Or, you can report them to the BBB and see if they try to appease you. If you don't want to change banks I wouldn't do anything but chalk it up to experience. Personally, I would change banks, but that can be a real pain. breeze
