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Need help with disclosure laws??????
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Posted by Rob on October 10, 2001 at 17:42:00:
I'll try and make this short and sweet. Last year I purchased a car through a local dealership, I went to trade this car in for a newer one and when they ran my credit it turns out that the current auto loan is not showing up on my credit report. Well, after a few months of battle it turns out that the company I got the loan threw is not allowed to report ANYTHING(good or bad) to the credit bureaus through MA law. I have read the signed contract front and back and no where does it state that this is the way they do business.
My question is.... Shouldn't the loan company have to disclose this information to the consumer???????
I would have never had taken the loan through this company if I had known that they do not report credit!
Imagine having a 5 year loan for 25,000.00 and not having anything credit wise to show for it??????????
Anyone with any info please reply. Thanks in advance....
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