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Where do the payday lenders report?

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gregory
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Subject: Where do the payday lenders report?
 
Posted on Fri Jul 21, 2006 11:25 am  

I have few payday loans, but these are not in any of my credit report. Just curious, don’t they report to bureaus?
Richard
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Richard

Joined: 27 Jun 2006
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Posts: 120



26418 Magic Points

 
Posted on Fri Jul 21, 2006 11:39 am  

Hi gregory,

Welcome to the Creditmagic discussion forum.

Payday lenders report to Teletrack an organization like the major credit bureaus. Pay day lenders often sell the uncollectible to collection agencies. These collection agencies then become the original creditor who in turn report to the credit bureaus. This as I know happens seldom but when they report to the credit bureaus, it gets updated in your credit report too.

Hope this helps you. Looking to hear you soon.

Regards,
Richard
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Justin

Justin

Joined: 17 Jul 2006
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Posted on Sat Jul 22, 2006 9:59 am  

I too never had an idea abt this. Thanks Richard for the info.
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