Legacy Funding Corporation

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved] Complaint: [redacted] I am rejecting this response because: As indicated, this creditor is reporting incorrect information to other creditors in hopes that I would contact them and take ownership of said debit Under state statue paC.S5525(a), creditor and debt collectors have a limited time window in which to sue for nonpayment of a debt This creditor is reporting incorrect information to indicate they are still in the legal time to file a lawsuit claim which they are not Regards, [redacted]

November 24, Dear: [redacted] ***:Legacy Funding Corpis an Automobile Finance Company with headquarters in PennsylvaniaThe complainant [redacted] financed a car with us in Legacy Funding as a Finance Company is not required to report to the credit agencies However the company feels it is their obligation to report the payment activity of their customers so that potential creditors are better informed to make decisions on whether to extend creditIn this case [redacted] did not pay timely on her car loan and we were never able to recover our collateralWe have sent numerous correspondences to [redacted] as well as communicated by phone in order to settle her accountWe have offered her a settlement, reduced settlement and reduced payments numerous times with no response [redacted] has made it clear she has no intention in honoring the legal contract that she signed with our company and chose to “wait it out” with the expectation that we would forget about it and it would be removed from her creditAs I stated we are very conscious about reporting to the credit agencies and feel it is our obligation to protect the other potential creditors so we continue to report to the credit agencies until the account is settledSince [redacted] has made it clear that she has no intentions of honoring her legal contract with our company we have now sent it to the legal department in order to obtain a judgment against her for the full balance of her accountIn regards to her specific complaint, our current reporting on her credit will be removed and replaced with a judgment once we are awarded the judgment from the court.We are still willing to work out a settlement with [redacted] otherwise we will be seeking a judgment for the full amount from the courts which will appear on her credit report.Regards,Chris K Collections Department

November 24, Dear: *** ***Legacy Funding Corpis an Automobile Finance Company with headquarters in PennsylvaniaThe complainant *** *** financed a car with us in Legacy Funding as a Finance Company is not required to report to the credit agenciesHowever
the company feels it is their obligation to report the payment activity of their customers so that potential creditors are better informed to make decisions on whether to extend creditIn this case *** *** did not pay timely on his car loan and we were never able to recover our collateralWe have sent numerous correspondences to *** *** as well as communicated by phone in order to settle her accountWe have offered her a settlement, reduced settlement and reduced payments numerous times with no response*** *** has made it clear he has no intention in honoring the legal contract that he signed with our company and chose to “wait it out” with the expectation that we would forget about it and it would be removed from his creditAs I stated we are very conscious about reporting to the credit agencies and feel it is our obligation to protect the other potential creditors so we continue to report to the credit agencies until the account is settledSince *** *** has made it clear that he has no intentions of honoring his legal contract with our company we have now sent it to the legal department in order to obtain a judgment against her for the full balance of his accountIn regards to his specific complaint, our current reporting on his credit will be removed and replaced with a judgment once we are awarded the judgment from the court.We are still willing to work out a settlement with *** *** otherwise we will beseeking a judgment for the full amount from the courts which will appear on his credit report.Regards,Chris K
Collections Department

They definitely help me get my credit were it needs to be an even offered a better interest rate on a newer car and they report every thing which is great if u pay payments on time

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]
 Complaint: [redacted]
I am rejecting this response because:
As indicated, this creditor is reporting incorrect information to other creditors in hopes that I would contact them and take ownership of said debit.  Under state statue 42 pa. C.S. 5525(a),  creditor and debt collectors have a limited time window in which to sue for nonpayment of a debt.  
This creditor is reporting incorrect information to indicate they are still in the legal time to file a lawsuit claim which they are not 
Regards,
[redacted]

November 24, 2014
Dear: [redacted]:Legacy Funding Corp. is an Automobile Finance Company with headquarters in Pennsylvania. The complainant [redacted] financed a car with us in 2004. Legacy Funding as a Finance Company is not required to report to the credit agencies....

However the company feels it is their obligation to report the payment activity of their customers so that potential creditors are better informed to make decisions on whether to extend credit. In this case [redacted] did not pay timely on her car loan and we were never able to recover our collateral. We have sent numerous correspondences to [redacted] as well as communicated by phone in order to settle her account. We have offered her a settlement, reduced settlement and reduced payments numerous times with no response. [redacted] has made it clear she has no intention in honoring the legal contract that she signed with our company and chose to “wait it out” with the expectation that we would forget about it and it would be removed from her credit. As I stated we are very conscious about reporting to the credit agencies and feel it is our obligation to protect the other potential creditors so we continue to report to the credit agencies until the account is settled. Since [redacted] has made it clear that she has no intentions of honoring her legal contract with our company we have now sent it to the legal department in order to obtain a judgment against her for the full balance of her account. In regards to her specific complaint, our current reporting on her credit will be removed and replaced with a judgment once we are awarded the judgment from the court.We are still willing to work out a settlement with [redacted] otherwise we will be seeking a judgment for the full amount from the courts which will appear on her credit report.Regards,Chris K
Collections Department

Review: In 2004 I signed a car loan, there has been no payment in over 8 years they are sending false information to [redacted], stating late payment yet they have received no payments in a effort to keep this loan on my credit until 2021Desired Settlement: This loan has exceeded the 7 year limitation, I would like to have it removed from my credit

Business

Response:

November 24, 2014Dear: [redacted]:Legacy Funding Corp. is an Automobile Finance Company with headquarters in Pennsylvania. The complainant [redacted] financed a car with us in 2004. Legacy Funding as a Finance Company is not required to report to the credit agencies. However the company feels it is their obligation to report the payment activity of their customers so that potential creditors are better informed to make decisions on whether to extend credit. In this case [redacted] did not pay timely on her car loan and we were never able to recover our collateral. We have sent numerous correspondences to [redacted] as well as communicated by phone in order to settle her account. We have offered her a settlement, reduced settlement and reduced payments numerous times with no response. [redacted] has made it clear she has no intention in honoring the legal contract that she signed with our company and chose to “wait it out” with the expectation that we would forget about it and it would be removed from her credit. As I stated we are very conscious about reporting to the credit agencies and feel it is our obligation to protect the other potential creditors so we continue to report to the credit agencies until the account is settled. Since [redacted] has made it clear that she has no intentions of honoring her legal contract with our company we have now sent it to the legal department in order to obtain a judgment against her for the full balance of her account. In regards to her specific complaint, our current reporting on her credit will be removed and replaced with a judgment once we are awarded the judgment from the court.We are still willing to work out a settlement with [redacted] otherwise we will be seeking a judgment for the full amount from the courts which will appear on her credit report.Regards,Chris KCollections Department