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WTH.....I paid off 2 loans back on May 14 for a total of...

Frequent Contributor

WTH.....I paid off 2 loans back on May 14 for a total of...

WTH.....I paid off 2 loans back on May 14 for a total of about 2300.00....as of today, they are still showing my balance before I paid them off. So I went up to the loan office today to inquire about it. I was told that they don't have to report to the CB but every 4-5 months. WHAT???? I will NEVER do business with them again. Never really wanted to to begin with. They are one of those slick companies that sends you "loans in the mail'. They sent me a couple of checks back around Christmas time....and wrote in big bold letters "THIS IS A REAL CHECK"....by depositing it you agree to the terms and conditions...blah blah blah!!! I'm a BIG Christmas spender, so the checks were tooo tempting!!! NEVER AGAIN!!!!! Smiley Mad
 
Is there anything I can do to make them report my PIF accounts??? Maybe I made em made by paying my loans off early, but geez!!! This could really help my scores by bringing my util down!!


Message Edited by flygirl on 07-09-2007 08:50 PM
Message 1 of 14
13 REPLIES
Moderator Emeritus

Re: WTH.....I paid off 2 loans back on May 14 for a total of...



flygirl wrote:
WTH.....I paid off 2 loans back on May 14 for a total of about 2300.00....as of today, they are still showing my balance before I paid them off. So I went up to the loan office today to inquire about it. I was told that they don't have to report to the CB but every 4-5 months. WHAT???? I will NEVER do business with them again. Never really wanted to to begin with. They are one of those slick companies that sends you "loans in the mail'. They sent me a couple of checks back around Christmas time....and wrote in big bold letters "THIS IS A REAL CHECK"....by depositing it you agree to the terms and conditions...blah blah blah!!! I'm a BIG Christmas spender, so the checks were tooo tempting!!! NEVER AGAIN!!!!! Smiley Mad
 
Is there anything I can do to make them report my PIF accounts??? Maybe I made em made by paying my loans off early, but geez!!! This could really help my scores by bringing my util down!!


Message Edited by flygirl on 07-09-2007 08:50 PM

They are not required by law to report every month or even report at all.
Message 2 of 14
Frequent Contributor

Re: WTH.....I paid off 2 loans back on May 14 for a total of...

ok....could I possibly send them (the CB's) my account history that shows a 0 balance that they printed out for me today???
Message 3 of 14
Frequent Contributor

Re: WTH.....I paid off 2 loans back on May 14 for a total of...

Just dispute as "incorrect" with the cra's... they have to respond with the correct info
Message 4 of 14
Regular Contributor

Re: WTH.....I paid off 2 loans back on May 14 for a total of...

On the other hand, if they don't respond the TLs might be deleted.
Message 5 of 14
Frequent Contributor

Re: WTH.....I paid off 2 loans back on May 14 for a total of...



Lori344 wrote:
Just dispute as "incorrect" with the cra's... they have to respond with the correct info



thanks Lori344....but i already did that. I disputed as incorrect balance, and they STILL came back saying the old bal is being reported correctly...hmmmm
Message 6 of 14
Moderator Emeritus

Re: WTH.....I paid off 2 loans back on May 14 for a total of...



flygirl wrote:


Lori344 wrote:
Just dispute as "incorrect" with the cra's... they have to respond with the correct info



thanks Lori344....but i already did that. I disputed as incorrect balance, and they STILL came back saying the old bal is being reported correctly...hmmmm


Lowering your revolving util to 1-9% will boost your scores significantly, the same cannot be said about a loan reporting PIF, your scores might slightly improve or they might not. But I also understand it feels good to see paid as agreed, $0 balanced on your CRs.
Message 7 of 14
Frequent Contributor

Re: WTH.....I paid off 2 loans back on May 14 for a total of...

If I were you I would send in your proof of PIF to the CRA and tell them you would like it updated that they are reporting inaccurate balance which is a Violation of the FCRA. They should not delete the account that way. It worked for me with my CC that had not updated.
Message 8 of 14
Frequent Contributor

Re: WTH.....I paid off 2 loans back on May 14 for a total of...

Since the information on file with the credit bureaus is incorrect dipute as incorrect - wrong balances. This way the information will be updated within 30 days and reflected on your report. I just did this with three accounts that had not updated balances or payment information for 3 months.
Message 9 of 14
Frequent Contributor

Re: WTH.....I paid off 2 loans back on May 14 for a total of...

You can clear it up easily by stating the loans are paid in full with a zero balance.
Message 10 of 14