Credit reports are a key part of your financial life. Your credit report includes information about your current credit situation and the status of your accounts. Most people have multiple credit reports because there are three reporting bureaus—TransUnion, Equifax, and Experian. Creditors don’t have to report to all the companies, but lenders use the information on your report to decide whether they’ll loan you money and what interest rates they’ll offer. If you check your credit report and you’re surprised to see negative information from a company called Global Lending Services, it can have a big impact.
Lenders also use your credit report to decide if you meet their current terms for your existing accounts. If your score drops because you have late payments or negative information listed by Global Lending Services, your credit card limits could be reduced. You could also have accounts closed altogether.
A credit report will include personal information like your name, birth date, and address. It will include your current and past credit accounts, including account balance details and payment history. Credit reports also include public records like liens, bankruptcies, and collection items.
So what can you do if Global Lending Services is listed there, and you don’t know why or think there’s been a mistake?
Global Lending Services is an auto loan company providing indirect financing. Indirect auto financing allows dealers and vehicle sellers to finance sellers instead of the buyer going to a bank or credit union and directly getting financing. The buyer then makes payments to the lender they were connected to via a dealer.
Global Lending Services is a legitimate company and not a scam. Even so, there are numerous consumer complaints about this company. Complaints focus on the high interest rates and fees and what some feel are predatory lending practices.
Indirect auto finance companies will offer car loans to people with bad credit. These individuals might not otherwise qualify for a car loan, and that’s why it’s an expensive way to purchase a vehicle.
Global Lending Services isn’t exclusively a debt collection company, but if they’re calling you, that’s probably why. You either have a loan with them, and they believe you are behind on your payments, or there’s been a mistake.
You might also get calls from Global Lending Services if you have a family member who has a loan through the company. They could call you to locate the person, even though you aren’t financially responsible.
If you check your credit and see Global Lending Services listed there, and you believe it’s a mistake, there are steps you can take. First, know that mistakes on credit reports are incredibly common, and many people don’t even realize them until they try to apply for a new account, like a home loan.
Some of the specific examples of incorrect information on credit reports include:
Any time you believe there’s a mistake on your credit report, you have to take proactive steps to fix it. Under the Fair Credit Reporting Act, you’re able to dispute incorrect information.
Working with a consumer protection attorney specializing in the FCRA is the best way to do this and ensure your rights are protected. An FCRA attorney can dispute wrong information on your behalf.
Once there’s a dispute about the information on your credit, bureaus, and creditors have to do particular things under the law. One such thing is doing a reasonable investigation. Bureaus and creditors must correct or remove information or the debt altogether.
Any information that’s wrong, unverifiable, or incomplete is supposed to be removed within 30 days once the company gets a dispute notice.
If you do owe a debt that Global Lending Services is calling you about and they’ve sent validation information for you to confirm, you still don’t have to deal with nonstop phone calls. Consumer laws like the Fair Debt Collection Practices Act limit debt collectors.
Companies can’t use threats, harassment, or deception as part of how they try to collect from consumers.
You can send notice in writing to Global Lending Services asking them to stop calling you or contacting you at certain places, like your work. You’re still legally responsible for paying the debt, but you don’t have to deal with the stress of constant communication.
Despite multiple federal laws being available to protect you when it comes to how information is reported to credit bureaus, companies aren’t always compliant.
You could submit a dispute with Global Lending Services and not hear back. The company might not do a prompt investigation or fail to remove the wrong information.
In these situations, even though you’ve done nothing wrong, you’re still left dealing with the effects of negative information on your credit report.
That’s why we always advise that you contact an FCRA attorney as soon as you hear from or see Global Lending Service or another debt collector listed on your credit report. Having further contact without legal help can make the situation worse.
Fair Credit’s attorneys specialize in helping make sure your rights are maintained under the FCRA. We can help you deal with Global Lending Services and get them off your credit report. Contact us today for a free review of your case.