I applied for a new car, but still had a loan on a car I bought in the past. When they pulled my credit report, my old auto loan didn’t show up? I have less than 6 months left on it, but shouldn’t it still show up in my credit report?
It isn’t that they don’t report, it showed up before on other applications for credit cards and such. It is an installment loan through a bank.
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{ 8 comments… read them below or add one }
Auto finance is what I do for a living and there are a few reasons this could happen.
1. There is no law requiring any lender to report to any credit bureau.
2. If it was a co-signed loan it’s possible that it was reported only in the primary signers name and not yours.
3. If you bought from a buy here pay here lot over 90% of them do not report (this keeps the customer captive so they have to go back to the same buy here pay here place when they want to buy another car).
4. It’s possible that the lender did report but it go mixed up and shows on someone else’s report.
If I were you I would call the lender and simply ask. They can update the report if they want to but don’t bet on it because it cost them money every time they report something.
Good luck.
Additional information.
Some lenders don’t report to all bureaus so the one that did not show your loan obviously was not the same one that you looked at when you applied for the cedit card.
You might ask the old lending institution to send a report of the loan to the credit reporting agencies.
the old lender might not be part of the credit reporting system. This isn’t uncommon among independent used car lots, esp. of the "Buy here, Pay here" variety.
Another possibility is that the report was sent in, but by error it has been filed with someone else’s credit [perhaps wrong SSN number or non-conforming name?].
If will if you default on it.
Probably you have some wrong items in your credit report. Use credit repair service to find and remove such bad stuff from your credit – credit-report-free.totalh.com
you can see read article in http://mysecuredloan.co.cc for this. I hope this will be resolving your problem.
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