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If you did not reaffirm your car loan but chose to continue to make payments can the loan company report you to the credit bureau if you're late with a payment?

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Wiki User
February 12, 2006 3:51AM

Our GA attorney never reaffirmed our home or 2 cars as he was supposed to. I learned several things about BK from this. 1) Once you have a completed BK, the unaffirmed agencies can not pursue you for debt collection (calls, letters, etc.) 2) One of our cars was stolen and partially paid off by the insurance company. We were upside down by a few thousand dollars, but the loan company never contacted us. (see #1) 3) With our house, we were told that foreclosure could not take place until 90 days following non-payment. 4) Nothing got reported to the credit bureaus for our cars or loans following our BK of 2003 even though one of our vehicles was paid off completely. Our credit report stated that our car loans were involved in BK. There was NO payment history from our BK to present for either! Keeping the loan current will certainly keep you in wheels and keep the creditor happy, but it doesn't seem to improve one's credit rating. I did read, however, in an earlier question, that BK plus a foreclosure is a double-whammy to your credit. Different rules may apply for GA than your state, but I would certainly look into this further before I allowed a foreclosure. Hope this is helpful to you!