It may come as a surprise that defaulted payday loans almost never report to credit bureaus. I’m not sure as to their reasons for not reporting, I just know that as a general rule, they do not. Obviously, I would not make this claim unless I’ve had some personal experience to rely upon.
Over the years, I have defaulted on more than a few payday loans and to date, only one (1) has ever shown up on a credit report. The kicker is that the one that did show up on my credit reports was not even licensed to grant payday loans in my state. They had some nerve!
Obviously, being armed with this knowledge, the thought of ever paying them back never crossed my mind. I mean, just what are they going to do, sue me? Yeah, good luck with that!
This is why I always tell people that knowledge is king. If you do your research and arm yourself with the right information, then you cannot be taken advantage of by unscrupulous bill collectors.
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