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| *Ostroff, Fair and Company>>>Credit |
My boyfriend has had his car loan for a year & a 1/2 and its not showing on his credit report? |
He is 19. Got his car last January when he was 18. He has been paying for a year & a 1/2 on it. Every payment has been on time. He is trying to get a loan for a new car but every place says he cant because he doesnt have enough credit b/c all he "has" is a credit card. which is untrue because he's had his car loan thru the SAME PLACE as the credit card for much longer. So he has been calling the bank his loan is thru and nothing has been done yet. Is there anything he can do to make the bank put it on his credit report? it is the choice of the finance company whether or not to put a loan on a credit report...and since it cost them money to do so they dont always do it..but usually once a loan is paid off they will report it to credit bureau...however, there are three credit reporting agencies, Equifax, TransUnion, and Experion....each company usually uses only one so it may be on a different report than the ones they check.....you are entitled by law to a free copy of your credit report from each of these companies, one each year from each company...have him get all three copies and take them with him when he tries to get a new loan.... Sometimes places don't report accounts to the credit bureaus but you can ask them to. They should include the date the account opened and all pertinent payment information. Some places will only report derogatory credit. If he contacts any one of the big three credit bureaus they can do an investigation and contact the creditor and the account will be added to his credit report. This takes about 45 to 60 days to show on his credit report. Like the other posters said, it is the option of the lender to report to the credit bureaus or not. He needs to contact all three Equifax, Transunion and Experian and ask them to investigate the account. They will need the lenders name, date that the account was opened, the account number, the term of the loan, the amount financed and the amount of the payment, After about 45-60 days the account should show on his credit. Finance Manager for a car dealer for over 7-years. |
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