The importance of monitoring credit!!

Anonymous · ‎07-29-2018

I have been rebuilding my credit for 2 years and I’m finally in the “good” range. I subscribe to credit monitoring and I check my report regularly. I took a peek a few days ago and saw my score dropped 34 points! I was completely puzzled until I found a 30 day late had been reported for my auto loan which I just took out 3 months ago. I have been paying biweekly through a third party who my dealer signed me up for when we did the paperwork. Payments were coming out of my account, but no payments were made to GM. It was straightened out, but I was on the verge of have my car repo’d!!

Moral of this story is thank goodness I was monitoring my credit. I always think about cancelling due to the cost because my scores are good, but I worry. Very very important all, it’s worth the cost!

Anonymous · ‎07-29-2018

Glad you caught it. I’d look hard at changing that payment arrangement if I were you. It does not sound like it’s good and you don’t want to have to look over your shoulder every two weeks and babysit an outfit that controls a lot of your money and which can have such an impact on your financials.

tricie17 · ‎07-29-2018

This is very good advice. Thank you. Companies sale accounts and companies pick up accounts that they do not know back stories on and will almost always report to the Bureaus without review of the details. I had this happen to me recently and if I had not had a monitoring service would not have known. Of course I immediately was able to call the culprit company and get it removed. Stay viligent.

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DaveInAZ · ‎07-29-2018

@Anonymous wrote:
Glad you caught it. I’d look hard at changing that payment arrangement if I were you. It does not sound like it’s good and you don’t want to have to look over your shoulder every two weeks and babysit an outfit that controls a lot of your money and which can have such an impact on your financials.

Yeah, why pay a third party, especially one that has already screwed up? Pay the loan directly. And if the dealer signed you up for it they're probably getting a cut out of it, car dealers never do anything out of the kindness of their hearts.