Is This Even Legal??

[chely7425]

We bought our truck before DH enlisted, so once he enlisted we used the SCRA to get the interest rate lowered... simple enough right?

Apparently not. Our car loan company has not reported ANYHTING to the credit bureau since we submitted the SCRA paperwork. Our car loan is just sitting on our credit reports as satisfactory but with NO payment's reported since February 2008 and with the balance still at 25,000 dollars when it is significantly lower than that. I have called them and they say that using the SCRA puts our account into an "exceptional" status so they will report nothing until the loan is totally PAID OFF.

This just sounds wrong to me.. is it legal? This is really going to hurt our credit to just have that huge loan chilling there for so long since it is really screwing up our debt to income ratio.

[MarineWife0929]

I'm sorry I don't have an answer for you but good luck!

[carolinagirll]

Originally Posted by chely7425 We bought our truck before DH enlisted, so once he enlisted we used the SCRA to get the interest rate lowered... simple enough right? Apparently not. Our car loan company has not reported ANYHTING to the credit bureau since we submitted the SCRA paperwork. Our car loan is just sitting on our credit reports as satisfactory but with NO payment's reported since February 2008 and with the balance still at 25,000 dollars when it is significantly lower than that. I have called them and they say that using the SCRA puts our account into an "exceptional" status so they will report nothing until the loan is totally PAID OFF. This just sounds wrong to me.. is it legal? This is really going to hurt our credit to just have that huge loan chilling there for so long since it is really screwing up our debt to income ratio.

Get the loan info from them and make sure that balance reflects what it should be. I would contact the credit reporting agencys and ask them if your credit report should reflect the exact amount.


If so then
Tell them they have 30 days to adjust the amount on their end and your credit report should reflect as well.

Take names, time and phone extension numbers of everyone you talk to!

Good Luck!

[Melanie.]

Report it on your credit reports - they have 30 days to correct the information. Do some research - see if there is anything you can find on google about this situation and what the credit reporting responsibilities are with your bank. Good luck.

[Kitten35]

No, you are right, this sounds sketchy to me. I think you are allowed to 'force' them to change it and if not, report them. Make sure your credit reflects the changes.

[gunsgirl]

no this is not legal. they are required by law to report payments with in 30 days-

go to JAG to see if they can send a warning letter to your financial institution.

[ForeverYours]

Best board I used ever for credit was www.creditboards.com try them they have answers to every question about credit on there.

[chely7425]

Well, we went to see a JAG lawyer and he definitely agreed that what they are doing is wrong. He is sending them a letter and said they USUALLY get on board with things quickly once they realize you have a lawyer involved but who knows... he said if they don't fix it quickly then we contact the FTC. Hopefully it doesn't take that and it gets resolved quickly!!

[leftover]

Originally Posted by chely7425 Well, we went to see a JAG lawyer and he definitely agreed that what they are doing is wrong. He is sending them a letter and said they USUALLY get on board with things quickly once they realize you have a lawyer involved but who knows... he said if they don't fix it quickly then we contact the FTC. Hopefully it doesn't take that and it gets resolved quickly!!

Once any company hears the words "JAG is involved now", they'll straighten up fairly quickly.

[Jen]