I recently found out that the credit union where I financed my first car didn't report any of my payments to the credit bureau. It was a 4 year loan, I paid it off in 3 years with no late payments, then waited 8 months to purchase a new vehicle. Went to the dealership figuring that I would have no issues securing another loan, but when they ran my credit I was told that I have a zero credit score and would be considered a first time buyer again. There was no record of my previous loan whatsoever.
I called the credit union for an explanation and they claimed that, since I didn't have an active credit line for 6 months (no credit cards, loans, etc.), my credit was essentially reset. When I asked why there was no record of my previous loan that I had payed off, the best answer they could give me was that there may have been a computer error. They didnt offer any recourse for their mistake, despite the fact that I'll be stuck paying a far higher interest rate for any loans im approved for, at least until I rebuild my credit.
I'm not sure what to do in this situation so any advice is appreciated, thanks.
Submitted April 06, 2017 at 11:37AM by SpacemanFran http://ift.tt/2ngRTUp
