bad credit because of credit union

[genuineguy]

Hi everyone I have a question, my credit is ruined because my credit union didn't send payment deduction information to my job after I took a loan with them.for 7 months no money came out my salary because of that.the credit union reports to transunion so my credit is ruined.i have a letter from my job stating that only in June they got the instructions. Can I sue for damages?

[Friend In Court]

Re: bad credit because of credit union

Hi everyone I have a question, my credit is ruined because my credit union didn't send payment deduction information to my job after I took a loan with them.for 7 months no money came out my salary because of that.the credit union reports to transunion so my credit is ruined.i have a letter from my job stating that only in June they got the instructions. Can I sue for damages?

The easiest way to get the situation corrected is to have your credit union admit their mistake and write a letter to the credit bureau to remove the derogatory information since it was their error.

Only then if they refuse to do so could you have a case for slander of credit.

[AFFA]

Re: bad credit because of credit union

I wish to inform you that you may contact your credit union and discuss the situation with them. If you are able to resolve the matter, you may obtain a settlement letter in the matter by consent and file it with the credit bureau. You may request the credit bureau to remove the entry. On the other hand, if you are unable to resolve the matter with the credit union then you may file a letter of dispute with the credit bureau. If the credit union does not remove the entry then you may request it to place on record along with the derogatory entry of the credit union your view point in the matter.

AFF

[genuineguy]

Re: bad credit because of credit union

Well I opened a case at the credit agency,they said the credit union directed that no changes be made to my report,I guess they don't want to admit that they messed up. I gave adequate time for them to correct the mistake. I can't do any business, get any credit no where because of this problem. I really want to know if I take this to court what are my chances of getting compensated for my credit being ruined.

[goddessoflubboc]

Re: bad credit because of credit union

It is ultimately your responsibility to make sure your debts are serviced timely.

Did you imagine during those 7 months that you were being gifted that money? No. You knew it wasn't getting paid but chose to ride it out. You could've gone to your company payroll or contacted the credit union at any point.

Your chances of "compensation" are nil.

[Disagreeable]

Re: bad credit because of credit union

I concur. You knew the money was not being deducted and did nothing. You reap what you sow. No case.

[Lexus]

Re: bad credit because of credit union

You should have informed the Credit Union at the moment you noticed that they didn’t send payment information and you must have noticed it after the first moth itself. Now you can contact the credit union and then you can hire a competent attorney in this regard who may guide you what to do.

[genuineguy]

Re: bad credit because of credit union

Well this is what happened, the credit union came to my job in December of 2013,they said they had a deal that would enable me to get 4 times the amount that I had in my shares by form of a loan. I took the offer and payment were to start coming out my salary in January of 2014,after the first month I realized no money was deducted, so I called the rep on numerous time asking why no money was being deducted,she said the credit union was having some problems with the paperwork and it was being rectified, whatever happened she was fired because apparently the over 50 people who took loans were having numerous problems. I went to the accounts department on my job to rectify the problem, they informed me that the never got any payment instructions for deduction from the credit union.all this time arrears and interest was build up to $6000+,they harass me until I payed that off by rescheduling the loan. My job informed me that that they never got the payment deduction from the credit union until June of 2014,money was being paid on time since then. But my credit is messed up because of this incident and no one wants to admit to making mistakes. I am constantly being denied credit because of this problem. I opened an investigation with transunion and the said that the credit union instructed that no changes be made to my rating. I have been for two years now trying to solve this problem.

[genuineguy]

Re: bad credit because of credit union

The credit union even told me that I couldn't pay the money over the counter because through my job I got special interest rates so it had to be a payment deduction, so it was completely out of my hands to fix it. So either way it's between my job and the credit union that's resonsible. So what are my chances of winning this case?

[Friend In Court]

Re: bad credit because of credit union

The credit union even told me that I couldn't pay the money over the counter because through my job I got special interest rates so it had to be a payment deduction, so it was completely out of my hands to fix it. So either way it's between my job and the credit union that's resonsible. So what are my chances of winning this case?

From the limited information you report, it raises suspicion that there has been some embezzling going on at your credit union. Just a hunch, but it bears checking out.

When banks and credit unions are embezzled from they are very reluctant to let that information out because it weakens trust in them by their depositors. So they are stonewalling you over their "error." And hoping you will just go away. Writing a letter to the credit bureau would solve their problem -- and I believe it is their problem deeper than anyone knows.

What you could do, with the information you have about the numerous accounts that show irregularities before their employee left, is file a complaint with the police department and any regulatory body that regulates credit unions in your country.

This should start the ball rolling and my best guess is that the credit union will write that letter, promptly to shut you up so you go away. Something is not right with your credit union from what you report.

If you have been a victim of fraud by one of their employees you could have a claim for damages for slander of credit. But your credit union a bigger one if there has been embezzlement they are trying to cover up and not disclose. As a share holder of the Credit union, you have a right to an accurate accounting of not just your deposits but all deposits and the finances of the credit union. I would call for an outside audit which you have a right to do as a shareholder.

[sophiaharper]

Re: bad credit because of credit union

Credit scores are the carte de visite for both, the small businesses or for the well-established businesses. Getting a proper loan for a startup or a new venture is a task in itself. And, if it is accompanied by a poor credit history or low credit scores, then the task becomes even more difficult. Most banks do not prefer to provide start up business loans for new ventures. So, it becomes a herculean task to get bad credit business loans from them.Is having a poor credit score stopping you from starting your own business?