How can I ask the credit reporting agencies to accept information on a deadbeat payer?
June 15, 2010 - 11:06 pm
A husband and wife team purchased a tractor truck from me and were making payments according to our agreement, which they signed. They are now not making payments and have decided to keep the truck.
I want to pressure them by placing the loss on their credit profiles. How do I do this??
file a lawsuit against them. Make sure that you have all your signed documents.
June 16th, 2010 at 4:26 am
That simply isn’t how it works. You aren’t a credit collector, or a financial agency….you don’t have the ability to report a debt to someone’s credit file. Not to mention, you wanting to place something on someone’s file to "pressure them" is absurd, and could have many legal recourses. Not to mention…harassment.
This is why private party lenders use a thing called a contract and a bill of sale. Take those necessary articles to your local court, and file a small claims case with the magistrate, and take them to court….
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June 16th, 2010 at 4:44 am
You need to sign up and register and pay a few to report. You will have to prove you have a legimate contract, bill of sale, etc. Contact all three bureaus and ask what the procedures are. If you are not a business they may or may not allow you to sign up. They used to. We have some rentals and we report every month on tenants. We also pay a fee for the service .
The first thing you need to do, is find a recovery unit and talk to them about repossession. Prior to that you must obide by the laws in your state/city/locale for contact prior to repo. Most times it is certified letter explaining they have not paid, give so many days to pay or else legal action and repo will occur. File suit in court against them. That is the best way. Get a judgement against them for the money or the item. If you have questions contact the Prosecutor/Solicitor/District Attorney/State Attorney General in your area and ask how to proceed. Be sure to have copies of all paperwork to document claim. If in doubt, seek legal counsel.
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June 16th, 2010 at 5:33 am
First you have to know if it can even be put on their credit report. If this husband and wife did it under a business and not personal, you may have no grounds to even try and put in on their personal credit report.
Hopefully you placed yourself as a lien holder on the title, or did not transfer the title to them. If you did that then in most states you would have the right to "repossess" the tractor.
Other than that you have two options.
Option 1) Contact a collection agency and they will place a listing on the credit report. But they also will take a fee of any money they collect or require you to pay them up front.
Option 2) File a Civil suit against him. If you prevail and it was a personal contract you can then have that judgment listed on their credit report.
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June 16th, 2010 at 5:52 am
file a lawsuit against them. Make sure that you have all your signed documents.
References :