I had an installment loan via Check N Go that was sold off. I’m trying to get the original lender to delete but am hitting resistance.
What ive been told by them ( in email ) is that they do not report for payday loans or installment loans. They only report on a product called Choice Loan which they say is a “ type of installment loan “ and they say that’s what I had. My contract is titled “ Installment Loan “.
Seems like semantics, but if the say they don’t report installment loans and my contract says installment loan, then I would think it should not be reported ? I don’t know what a Choice Loan is, or if I had it, but thinking this should be deleted.
Also the contract says says this was a secured loan ( they secure via a checking account ) but is being reported as unsecured. I’m sure they could always change this on their reporting if it even matters.
Just looking to get deleted.
Unlike a normal installment loan where they set up the terms and you have to accept or decline, a choice loan is tailored to your finances. The loan length, payments, and frequency of payment is negotiated at set up. In the end, it's still an installment loan and is reported as a consumer finance account. They do report all loans, especially if delinquint. The payday loans can end up being reported also if you don't pay them. And regardless if it shows up on the big 3, they will most definitely show up on the smaller bureaus like LexisNexis. As for it being "secured", I'm pretty sure they mean that you've given them approval to withdraw as often as they like in an attempt to collect their payments. It's not unheard of them to try to withdraw a payment multiple times in a week causing overdrafts each time.
So even though they told me they don’t report installment loans to Experian, and my document says installment and secured, they are ok to report the installment loan as well as it being unsecured?