topic Creditor not updating credit report? in Rebuilding Your Credit

Creditor not updating credit report?

Anonymous — Tue, 25 Sep 2018 19:30:23 GMT

Last year I bought my first car. Yay! Except I have terrible credit, and I had to go to a used dealer and get one of those terrible car loans from a bad car loan company (The name of the company is Westlake Financial Services).

The loan company I went with has been terrible at reporting payments to the three credit bureaus. In the last year, they've "accidentially" reported to my car loan was closed TWICE. As well, in March, April, and May of 2018 they never reported any payments made (and I did make those payments). I started by calling them in April of 2018 when the loan company started not reporting, then after April and May of 2018 and no payment was reported, the loan company started to update my account again in June and July. My August payment is not reported yet.

I've reached out via email, fax, and consumer reports.

If I read the FCRA correctly, it's a creditors obligation to report correct information to the bureaus within 90 days?

What are my rights? Can I put my car payments into any sort of "auto escrow"?

Is there a small claims court process I can go through?

If I missed a payment with this company can I negeotiate waiving legal action for removal of late payments?

Any help would be greatly appreciated.

Thank you!

Re: Creditor not updating credit report?

Anonymous — Thu, 27 Sep 2018 02:49:55 GMT

Creditors are not required to report to CBs, generally (federal student loans are an exception).

They are, however, required to report accurate information if they do report.

Reporting of inaccurate information is not grounds for legal action. You must first dispute the inaccuracy. If after investigation they verify the inaccurate information correct, then you have grounds for legal action based on failure to conduct a reasonable investigation.

Re: Creditor not updating credit report?

RobertEG — Thu, 27 Sep 2018 08:39:24 GMT

The FCRA requires a creditor to "promptly" update any prior reporting as necessary to maintain its current accuracy. FCRA 623(a)(2).

The FCRA does not set any specific period in days, weeks, or months for reporting the update.

When a statute is broad or subject to interpretation, a reasonableness standard applies to its interpretation.

A reasonble interpretation is that they report in their next regular reporting cycle once they are aware of any inaccuracy or change in previously repoorted information.

If they fail to update "promptly," you can file a dispute contesting its accuracy.

If they then verify the accuracy back to the CRA, you can file a civil action for damages and secure an order for the required update.