santander

[Anonymous]

I have an auto loan with Santander as well and have also had no problems. Triad Finanical was the first creditor and then the account was transferred to Santander about 1 year ago. I send payment in the mail via personal check no later than 5 days before the due date and haven't had 1 late payment since opening the account in late 2007.

[Thunderseven]

I too had a truck loan with a different bank that was then taken over or sold to Santander.  I did received a letter about 6-weeks before the turnover and did some research on Santander.  I didn't like what I read and since I had cleaned up my credit enough by this time, I refinanced my truck with my FCU.  By the time the transaction was completed however, Santander showed up on my CR as having the account.  Since they never received any monthly payments from me and the final payment for the truck went to the original lendor, they're reporting the account as "Unrated".

1.  Can Sanatander even report his account since I had no activity with them?

2.  Does anyone know if this status of "Unrated" hurts my score in anyway?  I've never heard of this one before.

Thanks!!!

[ShootingStar]

I, too, was worried about them upon reading all the negative posts on other forums; however, as I said -- never had a problem with them.  I think if you pay them on time, you're okay.

Thunder -- you may be able to dispute with the CRA and it would very likely come back unverified since they never had the account long enough to receive a payment from you.  The tradeline would probably be deleted...

[RobertEG]

Once a debt collector is authoried to conduct collection activiiies, that gives them the right to post that collection authority to the CRAs,

As long as they post a date of their collection that is within the window of the opening and closing dates of contract with the OC, it would, in my opinion, be a legitimate CA posting with the CRAs.  Any payments or lack of payments made, or contacts with them, would not, in my opinion, be relevant.

[ShootingStar]

Santander is not a collection agency, they are a large consumer finance company that has taken over many auto loans over the last couple or so years (most notably, HSBC's US consumer finance auto loan portfolio).  Depending on the actual date a car loan was taken over by Santander (before or after it was refied by the 3rd party CU, for instance), should dictate who is listed on the CR.  Which lendor was paid off after the refi?

[Thunderseven]

The OC was the lender that my CU paid off, not Santander.

[Thunderseven]

Here's how it's recorded on my CR.

OC paid off by my CU - April 2009

CR for OC updated as Paid In Full ($0.00 Balance) - May 2009

Santander did not start reporting account until June 2009 (reporting as Unrated)

[mkm77]

Here's the story with Santander:

I had an original Auto loan with HSBC which as stated, sold to Santander. After pulling my credit back in April (Santander took over in march), I noticed that my auto loan was being reported by HSBC and HSBC/SCUSA. The problem was that the HSBC account,which was now reflected as closed, was showing numerous 30 and 60 days late that were erroneous.

When I got in touch with Santander (by phone) they claimed that they simply bought the debt and have nothing to do with HSBC's reporting prior to their acquisition, The issue became apparent when every attempt to contact anyone within HSBC, led back to Santander. There was no contact person {that I could reach) handling credit issues. I disputed the HSBC lates but someone still existed at HSBC because the disputes came back as verified.

This caused a lot of headaches and going back and fourth with Santander who insisted they couldn't help yet had no contact info for HSBC. Again, ANY attempts to contact HSBC always transferred back to Santander.

After being a general thorn in their side for weeks with many calls, they then magically had the ability to correct HSBC on my credit report.

[ShootingStar]

If that is the case, Thunderseven, then you have a legitimate reason to have that reporting removed -- I would either get in touch with Santander to see if they'll remove it, or dispute it with the CRA's as not yours.  I wouldn't think it would be that big of a deal.  Good luck!

[AvaMommy]

Can some send the contact info for Santander so I can send a dispute. My loan was with HSBC then bought by SANTANDER which the loan is paid off but there are 30 and 60 day lates on my CR now. I want the lates removed...

ANy help is appreciated