Does a reaffirmed car loan go on your credit report?

[DEBTCHAINS]

Does my credit union report that to the bank? I just assumed so. I got some thing in the mail from some company soliciting a car loan, saying, "your reaffirmed debt does NOT help you rebuild credit."

[IBroke]

Does my credit union report that to the bank? I just assumed so. I got some thing in the mail from some company soliciting a car loan, saying, "your reaffirmed debt does NOT help you rebuild credit."

There is no general answer to that. If you reaffirmed, contact your CU and ask for future credit reporting. It is very likely they do.

If you don't reaffirm, they are actually not allowed to continue reporting - no matter if you keep on making timely payments or not.

The general statement "your reaffirmed debt does NOT help you rebuild credit" is not correct, IMO. You simply need to know HOW it CAN work in your favor. If it is a loan with several late payments on it, it might not help. If you were never late and the creditor continues reporting, it certainly does.

Once paid off, you can also ask the CU to remove the "IIB - reaffirmed" notation from the account. That would be the best credit-solution.

I'm going to reaffirm our car-loan as well and I'm going to make future reporting-arrangements (no IIB-notations and uninterrupted reporting) a part of the reaffirmation-agreement.

[Flamingo]

Does my credit union report that to the bank? I just assumed so. I got some thing in the mail from some company soliciting a car loan, saying, "your reaffirmed debt does NOT help you rebuild credit."

"Some companies" soliciting car loans will tell you anything to get you to bite.

[IBroke]

"Some companies" soliciting car loans will tell you anything to get you to bite.

Yeah, I'd love to see their "unbeatable" interest-rate..

[mikeyisbroke]

not directly related, but this post did just answer my question. I just discharged at the beginning of November and did not reaffirm my car but am doing a pay and retain. Now it shows up on my credit report as closed/discharged, now I see why.

[Phil]

I reaffirmed my car loan (GMAC) and they have reported it since the discharge.

[wnguyen]

Does my credit union report that to the bank? I just assumed so. I got some thing in the mail from some company soliciting a car loan, saying, "your reaffirmed debt does NOT help you rebuild credit."

The answer to your question "Does a reaffirmed car loan go on your credit report?" is usually yes. It's just a loan enforceable by the terms of your reaffirmation. Whether it helps rebuild your credit depends greatly on you. If you make timely payments to pay the loan off, then it helps. Otherwise, it's not.