Legal Question in Banking Law in Louisiana
I purchased a car and have a high interest rate loan. my credit score is low and this was a chance to rebuild it. However the loan institution has not reported my loan with them to any of the credit rating agencies. When asked, they say that they don't do or cant report to these groups. Is this legal? Can they not report my open debt with them as prompt payments are having no positive effect on my credit score?
Asked on 9/15/10, 8:49 pm
1 Answer from Attorneys
Martha Amanda Mandi Lucas
Mandie Seale Lucas
It is very odd that a loan institution would not be reporting to the credit report agencies. All banks and finance companies report to them. You can contact the credit bureau and have them investigate.
Answered on 9/21/10, 5:33 am
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