Hi, Guys... My car loan was through Union Acceptance Corporation but they went bankrupt and were sold to SST in May. Since then SST has not reported to the burueas...and my score has been stalled at 591 as a result. I called and a nice person on the phone said "We WILL report soon, we are switching our system around" and she offered to give a credit reference letter, whatever the heck that is. Here's my question? Do they have to report? Can I make them report my timely payments? Good thing out of this is that before they went BK UAC accepted my goodwill letter and deleted some past lates, so that made my score go up.
There's no requirement that they report. Just that if they do, it has to be ACCURATE. There are quite a few credit cards (a lot of gas and store cards) that don't report. In fact, if you have ratio problems, this is a way to "hide" credit lines. My credit union only reports to one bureau. To be able to report, they have to belong to the bureau. Some choose not to.
LET THE CRA(S) KNOW... You can get them to REPORT and/or UPDATE...just say every 6 months..."BALANCE WRONG" The CRA "MAY" just delete it...YOU ALWAYS RUN THAT RISK!!!
The trade line in question is from UAC. The debt is now owned by SST. SST can not be forced to update a tradeline for UAC, nor to report ANYTHING at all. However, if you dispute the tradeline for UAC, they won't respond (they went belly up), so the trade line has to be removed.
okay, so I am confused...SST does not have to report (they said they will, once their system is set up for all the UAC customers, I guess). If I dispute the original UAC tradeline, it will get deleted since they are bankrupt and won't respond? What if I dispute as "Never late"? Thanks!
Just dispute it as "NOT MINE"; since they can't contact UAC, they HAVE to remove it because it, in fact, "COULD" be 'not yours', but the original creditor no longer exists. Any debt from any creditor that has gone belly up should be disputed as "NOT MINE". Technically, you can't 'owe' money to a company that doesn't exist. Therefore, the trade line is NOT 'accurate data'. The debt, if *now* owned by SST, *can* be reported by SST -- but not by UAC. A bad debt tradeline can't (legally) be reported by two different companies -- only ONE owns the debt and, therefore, only that one can report it. SST can NOT re-age the account. They can NOT (legally) change the date(s) so that the 7.5 year 'reporting clock' starts over. Regarding the reporting to the CRA's, they are bound by the same date(s) and rule(s) as the OC was, and so would any company(ies) that might buy the debt from SST.
