- Report: #248846
Complaint Review: Credit Acceptance - Detroit Michigan
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Author Confirmed
Why?
Credit Acceptance
P.O. Box 55000, Dept. 188801 Detroit, 48255 Michigan, U.S.A.
Phone:
800-634-1506
Web:
N/A
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Business Rating:
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Tell us has your experience with this business or person been good?
Credit Acceptance marked my credit report as a collection account even though the loan was paid in full over a year early. ripoff Detroit Michigan
I had a car loan with Credit Acceptance Corp. with my payments being automatically deducted from my checking account every month. Never late.
About one year later my wife had a car accident and the vehical was totaled and my insurance paid most of the loan off. I ended up making six more payments, all on time with auto deduct payments still, and finally paid off the loan in full almost a year and a half ahead of time.
Yet on my credit report they say my account was a collection account. Instead of helping my credit it made it worse and as a result I was turned down for a new car loan. I called them to find out why they listed my account as a collection and they refused to deal with me and told me I would have to dispute it with the credit reporting agencies.
How can a loan that was paid off early and paid by auto deductions from my bank account be entered as a collection account? How can they be allowed to tarnish my credit without cause and get away with it?
I did enter my disputes with the credit agencies but will that really help? How well do they investigate dispute claims?
Don
Franklin, Ohio
U.S.A.
About one year later my wife had a car accident and the vehical was totaled and my insurance paid most of the loan off. I ended up making six more payments, all on time with auto deduct payments still, and finally paid off the loan in full almost a year and a half ahead of time.
Yet on my credit report they say my account was a collection account. Instead of helping my credit it made it worse and as a result I was turned down for a new car loan. I called them to find out why they listed my account as a collection and they refused to deal with me and told me I would have to dispute it with the credit reporting agencies.
How can a loan that was paid off early and paid by auto deductions from my bank account be entered as a collection account? How can they be allowed to tarnish my credit without cause and get away with it?
I did enter my disputes with the credit agencies but will that really help? How well do they investigate dispute claims?
Don
Franklin, Ohio
U.S.A.
2 Updates & Rebuttals
Cristy
Linwood,Pennsylvania,
U.S.A.
Advice on who to write in order to find your solution
#2Consumer Suggestion
Thu, June 04, 2009
Hi, I went through the same situation that you did only slightly different. What you should do is write to the Banking Commissioner (could go by slightly different title as it varies by state) of your state and the company's state explaining your situation with copies of evidence you have to support it. Also write the Consumer Protection Agency in your state and theirs, and you could also go through an Arbitration Company or better yet, small claims court. If they don't show at the latter then you automatically win the case. You might have to spend a little bit of money on the latter, but it is worth it in the long run. I did all of this and as I had proper evidence to support my case, I won and the company had to put my account as "Paid". Also, once you do all this (the letter writing and all) send copies of it all to all three major credit bureaus of Experian, Equifax, and Trans Union. And make sure your correspondence with EVERYONE is sent certified return receipt. And make sure you follow up with everyone you wrote to make sure they receive it. This all does take time, yes, but if you truly have valid evidence to support your case, you will win.
Cristy
Linwood,Pennsylvania,
U.S.A.
Advice on who to write in order to find your solution
#3Consumer Suggestion
Thu, June 04, 2009
Hi, I went through the same situation that you did only slightly different. What you should do is write to the Banking Commissioner (could go by slightly different title as it varies by state) of your state and the company's state explaining your situation with copies of evidence you have to support it. Also write the Consumer Protection Agency in your state and theirs, and you could also go through an Arbitration Company or better yet, small claims court. If they don't show at the latter then you automatically win the case. You might have to spend a little bit of money on the latter, but it is worth it in the long run. I did all of this and as I had proper evidence to support my case, I won and the company had to put my account as "Paid". Also, once you do all this (the letter writing and all) send copies of it all to all three major credit bureaus of Experian, Equifax, and Trans Union. And make sure your correspondence with EVERYONE is sent certified return receipt. And make sure you follow up with everyone you wrote to make sure they receive it. This all does take time, yes, but if you truly have valid evidence to support your case, you will win.
