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I'm having issues with TD auto finance reporting my old car loan as paid off. I can’t understand why it’s taking so long to report that this vehicle is paid off!! I'm scared my creditors are gonna shut my cards down because I have $45,000 worth of auto loan debt which I should only have 30,000 and 1 paid off loan. What can I do about this? I've called them 4 times and spoke to supervisors twice and they all say were will be updating it asap but NOTHING has been updated yet! Please help… how do I deal with this situation.

jerry · Posted: Mon Aug 29, 2011 1:16 am Post subject:

Hi Karenina,

You should keep in contact with TD Finance and ask them to update the status of your auto loan properly to the credit bureaus. Also, you should remember that even after your lender reports it to the credit bureaus, it is going to take some time to get the status updated on all three bureaus.

Meanwhile, if your credit card companies question you, then you should explain the whole situation to them. I'm sure they will understand your situation and won't take any negative actions against you.

Thanks,

Jerry

gmakerley · Posted: Mon Aug 29, 2011 9:14 am Post subject:

Karenina, have you tried to contact the credit repositories to update your records? I mean, of course, TransUnion, Equifax and Experian.

joshuaheckathorn · Posted: Mon Aug 29, 2011 10:55 am Post subject:

Your credit card companies aren't going to shut your cards down because you have 2 auto loans on your credit reports. Don't worry about that.

When was the auto loan paid off? You'll probably need to wait at least 30-60 days before all your credit reports will be updated. If you've waited that long and it's still reported incorrectly, dispute the inaccurate information through all 3 credit reporting agencies.

raymond · Posted: Wed Aug 31, 2011 11:16 am Post subject:

You should report the discrepancy to the 3 major credit bureau's. They'll give the auto financing company 30 days to resolve the complaint. If it's not resolved in 30 days, that tradeline will be removed from your Credit Reports, eliminating your problem.

TerryFlint · Joined: 25 Oct 2011 Posts: 1 1.19 Dollars($)

My bank got purchased last year and my credit card was cancelled. I paid the balance that I had immediately and thought it would be fine. Months later I found out that the last balance that I had was reported as unpaid! The purchasing bank was Chase. I contacted them multiple times and they refused to do anything. My credit score didn't seem that important back then so I just waited it out. The record was undated eventually but it remained unpaid for probably an year.

jameshogg · Posted: Tue Oct 25, 2011 9:04 pm Post subject:

Hi TerryFlint,

It is very unfortunate that you had to face such a situation. It must have affected your credit score and lowered it. Now that it has been reported, you should take steps to improve your credit score.

Thanks

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Paid off debt not reported correctly

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