Question : Can a Payday Loan/Cash Advance company report you to the credit bureau if you dont repay?
I have a Payday Loan/Cash Advance that I didn't pay back now its on my credit report. 1st question is can they do that?? I have recently received some papers in a mail stating that these types of companies are currently in a Class Action Lawsuit. 2nd question...If the case goes in our favor..can I get this taken off my credit report?
- asked by Brit
All Answers:
Answer #1
Of course they canThey extended you credit and youdidn't repay them according to the contract (it'slike 5 or 6 pages that you have to sign to takeout these loans, lots of small print that informsyou they can report you if you do not pay) Dependson what the class action suit is about. The thingis, by the time the class action suit is ironedout, it would either be off your report (aged off)or you will be sued by them or the collectionagency they sell your debt to, so it won't matter.
- answered by My Take on It
Answer #2
It's credit, of course it goes on your creditreport. It would entirely depend on what theclass action suit was about.
- answered by the kid
Answer #3
Maybe theres no great alternative for you now butthere might be shortly. Its tough to deal withsometimes.
- answered by Wm G
| 
