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Would you Dispute? (refinanced auto loans)

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0REDSOX7
Valued Contributor

Would you Dispute? (refinanced auto loans)

I have two auto loans I just refinanced with a local credit union. The original loans were with Santander and GM Financial.

GM Financial received the payoff on 9/5 and Santander received the payoff on 9/10.

As of today, both loans show paid off when I log in online. However, my credit reports don't reflect it. They show no updates since last payment in August.

Right now, it looks like I have four auto loans.

Would you guys go ahead and dispute the two paid off loans or wait it out a bit longer. I know the payoff overages aren't bein released for each until 30 days after payoff was received.

I'm not sure if it is just a timing thing or what.

Credit reports were pulled yesterday.

Thoughts?
BK Discharge 2/11/14

Currently in the garden.
Message 1 of 7
6 REPLIES 6
0REDSOX7
Valued Contributor

Re: Would you Dispute? (refinanced auto loans)

Bump.
BK Discharge 2/11/14

Currently in the garden.
Message 2 of 7
ezdriver
Senior Contributor

Re: Would you Dispute? (refinanced auto loans)

I'd wait 60 days because...

 

1) It can take that long for the titles to change hands. Mine took 60 freakin days!

2) the paid off lenders have some time to do the reporting. I don't know if they have a max time to report the loans as paid but they do have some time.

3) unless you need it to support a transaction right now, just be patient.

4) instead od disputing, i suggest that you contact the paid off lenders and simply ask them when can you expect your credit reports to be updated by them.

 

Good luck.

Message 3 of 7
0REDSOX7
Valued Contributor

Re: Would you Dispute? (refinanced auto loans)

Not needing them removed, but, just hate seeing I have four auto loans on my CR.

I'll wait the 60 - just given the track record with these two lenders, I want to give nothing to chance.

Thanks!
BK Discharge 2/11/14

Currently in the garden.
Message 4 of 7
RobertEG
Legendary Contributor

Re: Would you Dispute? (refinanced auto loans)

Outcome will not be removal of the paid accounts, but rather update of the balance to $0 and closing of the account.

Any deletion of their entire account would be discretionary on  their part, and if deletion is sought, such as to remove the prior reporting of any derogs on the account, then a separate request must be sent to the creditor.

 

As for time to report, the relevant statute is FCRA 623(a)(2), which requires furnishers to "promptly"update any prior reporting as needed to reflect its current accuracy.

"Promptly" is not specifically defined in terms of a set period, but is left broad.  A reasonable interpretation of prompt would be in their next regular reporting cycle.

I agree to give them until at least their next regular reporting cycle to update the debt balances.

 

If they dont update in their next normal reporting cycle, then you can file a direct dispute based on lack of compliance with section 623(a)(2).

 

 

 

 

Message 5 of 7
0REDSOX7
Valued Contributor

Re: Would you Dispute? (refinanced auto loans)

Thanks Robert.

I'm not looking to have the TL deleted, just updated to show closed with a zero balance.
BK Discharge 2/11/14

Currently in the garden.
Message 6 of 7
0REDSOX7
Valued Contributor

Re: Would you Dispute? (refinanced auto loans)

Slight update for those who care - both Santander and GM Financial show "Closed / Paid As Agreed" on Experian, however, TransUnion and Equifax haven't received (or processed) the update.

 

That makes me happy.

 

Experian is the only report that actually is the most accuarate (showing all new accounts with my CU) where as TU and EQ are behind.

 

Just a timing game now...

BK Discharge 2/11/14

Currently in the garden.
Message 7 of 7
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