Credit Problem

bgott · May 24, 2004

Howdy! I recieved a letter from my insurance company stating that they wouldn't give me the best rate due to credit issues. This was news to me, I have perfect credit. You have the right to receive a free copy of the credit report that they used to make their determination so I took Trans Union up on it. The only problem that I can see is that the Chrysler Financial account my truck was financed with is " suspended pending credit grantor update". I paid this account off a year ago, one month early, never late. The listing shows no balance. I called Trans Union and the very abrupt individual I talked to informed me that it was a problem with Chrysler. I called Chrysler and they told me that all of their accounts were suppressed by Trans Union, dispute it to them. I called Trans Union back and they were adamant that the problem was with Chrysler and they were not going to do anything about it. It sounds like Chrysler might not have paid their bill. /forums/images/graemlins/mad.gif I am sure that the suppression of a $25,000 plus paid on time- paid off account has to affect my credit rating. Anybody have any idea what to do about this?

Bob_Skurka · May 24, 2004

I would go back to the insurance company and find out what they believe is the problem.

You believe it is related to Chrysler, but that is based on your assumption after you reviewed your Trans Union documents. What they believe and what you believe might be two different things. Find out what they think the problem is, then try to resolve that. If the problem is Chrysler, then ask the insurance company what they want to prove your credit is good. You may go through a lot of work only to find that you didn't do what they wanted.

LarryRB · May 24, 2004

Chrysler strikes again.. My wife been with Chrysler dealers over thrity years. Since they were taken over by Mercedes it has been a problem for everyone. Chrysler Financial is in serious disarray.. Use to have regional offices where a dealer or customer could walk right in, pay off or finalize other issues. Now everything has been consilidated in Dallas and it's created a nightmare. Can't find titles, records, Dallas employees could care less and almost all of them are new. The oldeer employees from the various districts knew their dealers and what to expect. None of this now.. My wife is mad simply because Chrysler went through this exact same thing in 76-78 time frame. They found out that super /or total countrywide consolidation not only works ot creates larger problems down the road which in turn create larger problems trying to turn everything around. One thing Mercedes does not do and that is study past corporate history and not repeat it.. Inside, (dealers that is) I don't beleive have a very good optimistic outlook on where Mercedes is taking htem. There are those now who strongly beleive Jeep and Dodge truck will remain with Mercedes and they let the rest go to hell in a hand basket. I often think these old time dealers, (that is starting in the 50's) are probably somewhat accurate in their thinking. Get your Chrysler paper work together, and find out from your dealer who the Chrysler financial officer is in your neighborhood.. Most are working out of their homes now and should be able to get to the bottom of it..

GerardC · May 24, 2004

Call the Attorney General and file a formal complaint. You will get action real quick. G

EarPlug · May 24, 2004

Call Tom Martino The Troubleshooter . He has a Consumer Help talk show on KTRH 740 AM in Houston. He is like a rabid dog when it comes to Credit Reporting Agencies and problems with credit reports. He is also working on a Class Action suit against the Credit Reporting Agencies for inaccurate reports.

Jack

Robert_in_NY · May 24, 2004

You might not qualify for the best ratings even with good credit. A lot of companies now run ploys where you can get 0.0% financing for 72 months if you meet their credit requirements. Problem is, if you can meet their requirements, you can afford to pay cash for the item anyway. It is a sales ploy to get people in their stores. Tell them they only qualify for 3.9% and the people go "ok then, where do I sign /forums/images/graemlins/confused.gif" Then again, it could have something to do with your dispute on your report also but this is just something else to consider. Take care and good luck.

Bob_Skurka · May 24, 2004

In my earlier post I tried to get the point across that it might have nothing to do with Chrysler.

But the more I thought, and then read Robert_in_NY's post and it still gets me to that same point that Chrysler might have nothing to do with it.

For example, lets say the insurance company only gives the best rates to those people who have not only above average credit, but also above average asset to debt ratios. Or what if they choose to forego the asset/debt ratio and instead insert an asset balance minimum on top of the above average credit rating. Or what if they eliminate those issues but base a part of their decision on and equity to mortgage balance ratio? Or a total outstanding credit balance. Would you still qualify? And would you even know if you don't go back and ask?

ljh2 · May 24, 2004

There seems to be a lot of ideas on whether or not the insurance company denied the 'best' rate to you due to your credit report or due to a plethora of other reasons. Without talking to them, you won't know. Even if you talk to them, they may not be entirely forthcoming, although the letter from them DID cite your credit as the reason for denial.

All that aside, your post states that you have a discrepancy on your credit report. I personally would work to resolve that, through Chrysler, Trans-Union, and if that fails through legal means. Whether you choose to persue other large credit transactions or not, your credit history is used by LOTS of other companies, employers, and government agencies for things such as employment risk assessment and security clearance risk assessment. You owe it to yourself to get Chrysler or Trans-Union to resolve this. As was mentioned above, a call to the Attorney General's office might accelerate the resolution.

Good Luck,

tc35dforme · May 24, 2004

I have spent a fair amount of time getting errors fixed on our ( wife and I ) reports. Its hard work and can be frustrating, but is very important.

Recently I applied for one of those bonus point credit cards to get 'free' hotel points .... I received the cards, and then a few days later, got a letter from the company stating I was denied due to lack of established credit and lack of time for established accounts /forums/images/graemlins/smirk.gif. They quoted a credit reporting company as the source...I think it was TransUnion. After calling to inquire, they admitted that they had made a mistake, and they looked forward to a long relationship $$.

With all this identity theft stuff out there it pays to know. Many states have laws that require free annual reports....I request mine on January 2 each year !!!

If you really want to get crazy....try to find out how your credit scores are calculated /forums/images/graemlins/confused.gif

cowboydoc · May 24, 2004

I believe it is a bogus crap by the rotten insurance companies to raise rates. The more I deal with insurance companies the more I despise them. I got the same letter and I have perfect credit. When I called and demanded an explanation they told me that I have too much credit out. I told them I did have some loans out but to look at the debt to equity ratio. The worst loan I have is a 25% debt to equity. They said it didn't matter. I am really sick of insurance companies. /forums/images/graemlins/mad.gif