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Posted in Auto Loans
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truckloan

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Loan satisfaction late fee/interest charge off
We had a truck loan for a new business of which I had to be a personal guarantor. The loan was paid off, however, there were late fees and interest on the late fees that were not paid. Creditor reported the late fees/interest to credit bureaus on my personal credit while we were discussing payment arrangements. I was later informed that late fees and interest are not reportable if loan amount is satisfied. Is this true? And can they add it to my personal credit report - the business is no longer in operation.

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Yes, they can add it to your credit reports as you were the guarantor on the account. It doesn't matter if the money owed is principal, interest or late fees, it is money unpaid on the account and they can report that to the credit bureaus. Maybe there may be some type of exception in your state if you got this information, but I believe the info you got is incorrect, but you could double check with an attorney in your state if you wish.

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