What if the car dealership refuses to report my payments to the credit bureaus?

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What if the car dealership refuses to report my payments to the credit bureaus?

Purchased a car 6 months ago. The company is a large buy here pay here company, however their websites, as well as all of their ads state that they help rebuild or establish your credit. I have been on time with every payment, even paying more than my required minimum payment, however not a single payment, or even the loan shows on any of my credit reports. If they state that they help rebuild or establish your credit, wouldn’t they be required to report my payments to at least one of the credit bureaus or must it state this somewhere word for word in my actual contract?

Asked on November 18, 2011 under General Practice, Texas

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

What you have is a loophole. The company may not be required to report the loan but you can certainly report it yourself via a dispute on why it is not showing up. You can do this dispute with the three top agencies. Bottom line, if you feel you were duped into getting a car from this place because this place would re-establish your credit and you relied to your detriment on this fact, then a) you need to report it to the credit reporting agency or agencies who regulate this entity. This can be your state's financial institutions department, to the local prosecutor to the state attorney general and do not forget the federal trade commission for fair credit reporting act violations possibly.


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