Twice I used this particular retailer for larger household items because of their finance options. They are NOT a rent-to-own financier, and the finance contracts I had with them state that they do report good and bad to all three credit bureaus.
Once I was done paying for the first item I bought from them (a couch), I checked my credit to see if they posted anything positive and I saw that they didn't so I went to their store talked to one of the store manager who reassured me that they would take care of the problem. During the same visit, I purchased and financed another large item (washer and dryer set), and it is also paid off, and again, nothing reported on my credit for either item.
What legal actions can I take against this retailer? I'm largely in the market to improve my credit and that is a very big deciding factor when I make purchases, and this retailer has failed to deliver, even though it's in the contract.
2007-09-25 22:04:36 · 3 answers · asked by Chris 1 in Business & Finance ➔ Credit
Probably nothing. They are not required to report your credit history. They probably reserve the right to do so with the wording of the contract but that does not obligate them to do so.
However, did you check your credit with all 3 major credit bureaus? They may not report to all 3 of them!
Last thought. Are you sure that the retailer is carrying the paper? Most don't, by the way, but sell the debt to a finance company. You'd need to check with whomever is carrying the paper to see if they are reporting the payment history and to which credit bureau they deal with.
2007-09-25 22:08:43 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Your loan company will most definitely report any delinquency to the credit bureaus. If they are not, they are violating the law....but the winner is you and if I were you I would be happy. Being upside down in the what you owe compared to the value of the car...sucks. But, I would try selling the car privately for what you owe. Then, tell the loan people to report a payoff so you can get another car. Repo's WILL hurt your credit for up to 7 yrs. Do not do this if you can help it.
2016-05-18 23:33:00 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Contact the three credit bureaus to see what they have to say - Experian, Equifax, TransUnion - because I'm not sure about the laws on this. I also thought they are supposed to report these things because that's how you build your credit history.
Another way is to get a credit card. After having some financial problems, I was able to get a credit card thru www.providian.com . Just make sure you make your payments on time.
2007-09-25 22:17:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋