18 years old late car loan payment still affecting my score?!
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I’m rate shopping for a new car loan. One of the dealerships came up with a 120 days late payment I had on a car loan 18 yrs ago!
They said that they can’t give me the terms I was hoping to get because of this.
I pulled my credit report – it’s not showing! Mt report is clean!
Any ideas?
Tnx
Car dealers keep their own records
Many car dealers and lenders keep their own records much longer than what the credit bureaus are allowed to keep.
Usually, they keep records about late car loan payments, settlements for less than the original amount, car repossessions etc for up to 15 yrs and even longer.
The credit bureaus act under the FACT ACT that sets a time limit of 7 years for showing a late payment on your report, but there is no law that limits the time period a lender/creditor can keep his own records for his own private use!
This late payment doesn’t affect your classic fico or auto enhanced fico, but that lender can certainly use it for making a lending decision.
The solution – simply don’t use that specific lender…
Good luck
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