So - i bought my C5 a few months ago, did the B&B Bullet exhaust, and Twin Cone intake, and the mod bug was biting pretty hard again. So for kicks i sat down with my credit union to see what kind of loans i could get to finance a much more expensive modification for a year. They took my information and went to run the credit check on me. I knew this would come back clean so no worries right?


... Wrong - she says theres a charge card from American Eagle thats 150 days overdue!! I'm like "WTF?" I paid that off eons ago!! (Apparently interest accumulated while my check was in the mail) Whats the balance!? she says 26 cents.... needless to say i was quite aggrivated. I haven't seen a bill - received a phonecall, or even as much as a single e-mail (I Know they have my e-mail address, they send me all kinds of 'Special Offers' in e-mail...

So i called them up. Got someone who redirected me to the correct department - then I immediately asked to speak to a supervisor. When i told the supervisor that I have an outstanding debt of 26 cents and i'm 150 days overdue AND i haven't received a single bill, phone call, email or anything AND i'm VERY pissed!!!

He was suprisingly understanding and agreed to the following:

When i pay the 26 cents via check he will:

Write a letter of apology to me.

Clear the debt collection with the consumer reporting agency (Credit reporting folks...)

Write a letter to the Consumer reporting agency and CC me with Specific instructions to delete their acct on me so it's as if i've never even shopped at American Eagle

Furthermore request the Consumer Reporting agency to write me a letter stating any stains or marks on my credit from this were completely removed, and my credit returned to where it should be...

So after all that - my credit is back to normal! What throws me is how long that woulda went on before i found out! It's a good thing the mod bug was biting and i caught this early (sorta...)

Anyways - i thought it was a funny story - cost them a lot more in postage and paper than the dang 26 cents i owed them...


Dan

 

That's great about repairing your credit report, but, I would think twice about financing mods. That's just me, though.

 

Yeah i was thinking i don't really wanna pay cash for 5-7 thousand dollars all in the same month... i was gonna get a 12 month loan, (minimum length) then automate the payments to pay it off in 3-4 months... but i'm not going to do it anyways... as much as a want to go F.I. i just don't think i wanna risk the damage to my car - just felt like seein if i could... hehe


Dan

 

They should have just dropped that .26 cents. That is retarded! It will cost them more money to process that than it is worth.

 

That's how stupid people are today.

 

I'm sure you're aware of this, but under federal law you are now allowed to obtain one free credit report once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Granted, its only once a year but at least you know if anythings gotten screwed up before it bites you.

I now do this once a year on myself and on my wife. There doesn't seem to much, if any, difference between the companies so even retrieving the info from one of them each year will probably suffice.

Use this site:

https://www.annualcreditreport.com/cra/index.jsp

 

You should mail them a series of $.01 checks.
The cost of them processing each $.01 check from month to month far outweighs what they will gain.
Then send then an overage of a $.01 and there system will eventually have to process as refund.
Last month we got a $.06 check from Verizon and then a month later the final bill that now showed ou balance at $0.
This kind if waste is why things cost so much[also messing with them like I spelled out costs them too].
Only draw back is that then you would have it on your credit longer.

 

Yeah, that's good advice.

 

Can't belive that they would not just credit you the $0.26

 

Good thing you checked - and nice that the supervisor will do all that for you - just hope he follows through.

 

It's rare to find people that make good on promises these days.
(most Corvette forum members are the exception )

 

Recommend to not finance your mods. Wait until you can afford it. Finance a house because it makes sense. Finance a car only if you have to. Spending money you don't have on mods jsut doesn't make financial sense and can get you into trouble.

My .02

 

Damned bloodsucking Credit *****...