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Posted in Auto Loans
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BSJT2015

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Car Loan was settled and paid- still showing late. Bank no longer exists
My bank sued me for my car loan. We settled and I paid the debt in full(in Feb.). It is still showing open and 22 payments late. This bank was sold and is now under a new name. They also did a hard inquiry in March that I did not authorize. Who do I contact if the bank no longer exists?

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If the debt was paid in full or settled before the new bank took over, then there may not be anybody that is in control of this account. When you settled it, they should have marked it as closed/paid and the balance should have been brought to $0, but the late payments would have remained, a late payment stays on your credit report for 7 years whether the account is closed or not. I would dispute this account directly with the credit bureaus showing it, if you're lucky it may be removed. As far as the inquiry that you did not authorize, you can dispute it as well, but you may also want consider talking to an attorney, but if they are no longer in business, a lawsuit may not be applicable.

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