Credit Reporting Question…?
I have had several small loans from a local company ranging from 0 to 00 and all paid off satisfactory.Yet, they don’t show up on my credit report. I’m trying to build good credit, and this is self-defeating. How can I have the loans reported to my credit report to help increase my score, or is there such a way? Thanks!
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- Tags: credit report, loans, local company, score
December 18th, 2010 at 1:51 am
You have received good answers from the others but here is more information you may want to consider.
Many companies don’t bother reporting small loans like yours because you are paying them off relatively quickly. Since that won’t really have any serious affect on your credit score, why bother wasting the money reporting them.
However, this does not mean that you can’t get them added to your reports. First, ask the company you borrowed the money from to report the loans to the credit bureaus.
Likely they will tell you no as they don’t want to spend the money to do so.
If this happens, gather up all your documentation showing when you took out the loan and EVERY payment you made and the final resolution of the loan (i.e. paid and closed). Send a copy of this information to the credit bureaus asking them to put the information on your reports.
They will contact the company and verify the information. Once they have verified it, they will put the information on your report.
If you have any further questions regarding this or any other credit question, you may feel free to contact me at nebula7693@yahoo.com
December 18th, 2010 at 1:51 am
Not all small loan cos belong to the credit bureau because of the cost of being a member.
December 18th, 2010 at 1:51 am
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Kindly Plz Read : = " Report Card for the Fair Credit Reporting Act "
http://www.flixya.com/post/GOLDCash360/811482/
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December 18th, 2010 at 1:51 am
Not all companies report to credit bureaus and some places, like Payday loan places, only report negative information. What you need to do is take out a loan with a legitimate bank or credit union and ask them if they report the loan first.