Debtconsolidationcare: Internet's first get-out-of-debt community
473,117 members

Internet's first get-out-of-debt community 516,349 members


Debt Consolidation Forums Payday Loan help

Payday loan reporting on credit bureaus



visitor

Sub: Payday loan reporting on credit bureaus
Thu, 29/11/2012 08:00

Can they do this?? The PDL company is Bayside Cash.
What can I do about this?



Article Rating: 
Unregistered

Sub: #1 I couldn't find the agreement, but I did send them a copy of theThu, 11/29/2012 - 08:00



I couldn't find the agreement, but I did send them a copy of the state laws. Hopefully that is enough.

I have no clue where the paperwork is. May have to dig for it if they don't accept it.


Sub: #2 Yes Daniel, the bureaus should remove debts where you have preseWed, 11/28/2012 - 20:35



Yes Daniel, the bureaus should remove debts where you have presented proof the loan was illegal. If the bureau refuses, you have a federal claims under the FCRA against them. Make sure you back it up with the loan agreement and a copy of your local law banning PDLs


danilewis82
danilewis82
Posts: 274
Credits: 2451.5 Send message to danilewis82

Sub: #3 I called Transunion today and told them about the illegal lendinWed, 11/28/2012 - 14:29



I called Transunion today and told them about the illegal lending, I am going to go ahead and mail in my dispute as well and include the documentation about illegal pdl lending, that should be good enough, right?


paulmergel
paulmergel


Posts: 15328
Credits: 125931.83563957 Send message to paulmergel

Sub: #4 here is what i didWed, 11/28/2012 - 14:19



i had a couple report.i did this.filed a dispute stating the loan was illegal and my AG was on it.you must file the AG complaint as the CB will look into that.got them removed.

giving hope to the hopeless,help to the helpless,and hap to the hapless.


danilewis82
danilewis82
Posts: 274
Credits: 2451.5 Send message to danilewis82

Sub: #5 So basically, send them a copy of my state's pdl laws, and they Wed, 11/28/2012 - 14:15



So basically, send them a copy of my state's pdl laws, and they should be able to remove it? If not, then I can go after the CB?


Sub: #6 You could sue the credit bureau AFTER you have disputed it and pWed, 11/28/2012 - 14:13



You could sue the credit bureau AFTER you have disputed it and presented evidence to the credit bureau with your dispute. The evidence should show that your payday loan contract was illegal and void under D.C. law, including the contract identifying the lender and the printout from the government website showing that lender is not licensed.

Unfortunately under the federal law you cannot sue the furnisher of information directly but have to go through this dispute process.


danilewis82
danilewis82
Posts: 274
Credits: 2451.5 Send message to danilewis82

Sub: #7 I am in Washington DC. I know that pdls are prohibited here. WWed, 11/28/2012 - 14:06



I am in Washington DC. I know that pdls are prohibited here.

Who would I sue? Bayside or the CA?


danilewis82
danilewis82
Posts: 274
Credits: 2451.5 Send message to danilewis82

Sub: #8 Hi guys, I didn't see you had replied. The company that is rWed, 11/28/2012 - 14:05



Hi guys,

I didn't see you had replied.

The company that is reporting is Northern Resolution on behalf of Bayside, I've disputed twice and both times it comes back as verified.

What can I send the the CB to prove it isn't valid?


waffles
waffles


Posts: 1677
Credits: 30884.705798795 Send message to waffles

Sub: #9 As far as we know, illegal lenders do not report to credit otherTue, 11/27/2012 - 20:43



As far as we know, illegal lenders do not report to credit other than Cashcall for Western Sky loans. However, we do have cases all the time in which a CA will report illegal debt. Is this the actual lender or a CA reporting? If it's a CA it should be quite easy to remove it.

Is my payday lender illegal in my state?

How to deal with illegal lenders, courtesy of OhioGal

How to write a proper debt validation request, courtesy of SOAPLADY

How to deal with a Collection agency contacting you for PDLs


Sub: #10 Payday loans on credit reportsTue, 11/27/2012 - 19:56



If you have a payday loan with an illegal lender (unlicensed in your state) then you can and should sue to remove the debt from your credit report. It does not matter if you paid it back or not.

The approach depends on your state:

1. If you are a California resident, there is an excellent law in California used by my law office frequently. You can sue the creditor directly in state court.

2. If you are not a California resident, it is more complicated. Most likely you will have to rely on the federal credit reporting act, which means you will have to dispute the debt, cause the credit bureaus to reinvestigate and then sue when the debt is not removed.


Add new comment

Full HTML

  • Web page addresses and e-mail addresses turn into links automatically.

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd><img>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.
Share post


DEBTCC "Share and Win iPad" Contest

Follow and like DEBTCC



& "Get Social" for your Chance to Win iPad!!

WIN A FREE iPad

Get Social for your Chance to Win iPad

Page loaded in 1.499 seconds.