In correct info reporting Triad/roadloans

[theo78]

I had a loan with Roadloans (Triad Financial). They have incorrectly destroyed my credit. They have reported every payment I mad to them late. I have disputed this with the CRAs and the disputes come back as correct. I then ask for the method of verification and the CRAs respond that the info was verified "electronically".... What can I do???? I find It hard to believe that a company can report ANYTHING they want on my credit report with out any proof, and no matter what I do or say, the CRA take the creditor's word as Gospel!!!! This company needs to be put out of bushiness I highly recommend that NOBODY does Business with them.

[Anonymous]

You need to write to Triad and ask for an investigation on the matter.  Provide a concise explanation of what you believe to be the discrepancy or inaccuracy.  Provide dates and amounts of payments.

However, if you missed a payment somewhere, then began making payments but never made up the missed payment, it is possible to have been perpetually "late" the entire time.  Unless you got a written waiver of putting a payment to the end or some other arrangement, then this can happen.

Also, remember when a payment is late, a late fee and accumulated interest build.  When you do make your payment, it is credited first to interest and fees, then to principal.  If you did not pay the extra interest and late fee, then you were deficient in the required principal and thus have accumulated more than the original amortized interest and have could have been perpetually late if you did not make it up.

One would hope somebody would have explained this and contacted you to make up the backs/lates.  But if they did not and just accepted late payments with you being none the wiser, the only thing you can do now is attempt a GW possibly.

Hope you get something worked out.  An OC cannot be DV'd like a CA.  But you can ask for an internal investigation of your account and they usually will provide the information for your benefit so that you can determine how they come to the reporting conclusion they have.

[theo78]

Here's the issue, they Have a LOOOOOONG record for doing this to people... I tried to post a link to a better explanation of what they do, but I can't post links. They say that they "never got the payment" yet the check gets cashed, or they don't cash the check for 3 or 4 weeks saying they haven't got it, then charge late fees... This is no accident. They are not willing to help. They are the problem!!!!

[Anonymous]

I can't say my experience was the same.  I had an auto loan through Roadloans.  Never had a single issue.  They sold my account to another finance company about 12-14 months into my loan.

Personally, I have my auto loans set up on "auto draft" payments from the loan company.  When you have this, they can't claim late unless you had an NSF.  If they draft late, it is there fault and they cannot charge you late fees.

However, i am not telling you that you don't have legitimate complaints.  I am just saying that regardless, you need to contact them in writing, make an explanation and ask for them to provide you an explanation and account summary.  You can then use that written correspondence to take further steps.  Anecdotal information, ripoffreports.com and verbal conversations will do nothing to resolve your matter.  Just like when contacting CA's and CRA's, do it in writing, be concise, accurate, respectful and persentant.  If you are correct in your conclusion, eventually you will prevail.....but that won't happen until you start out with a written letter to Roadloans.

[medicgrrl]

You need to get all of your documentation together and go thru it item by item to see where the problem may lie.  Write Triad and ask for a payment history to start.  Then compare your canceled checks to their payment history.  Once you have all of that analyzed then I would write to Triad with your findings.  FYI...don't always believe what you read.  That comment you posted from ripoff has many erroneous details in it.  Most auto loans the interest is basically paid up front.  That is why most people don't refinance them after a certain timeframe.  Lenders aren't required to follow FDCPA so any mention of how they are not following FDCPA doesn't really pertain to the matter.  Just be careful of what you read.  Take everything with a grain of salt.  Document your findings and write a nice, professional letter to them.  If that doesn't work then try taking it to the top and go from there.