Credit Reporting Faqs

Q. How soon after my purchase will my account be reported to the credit bureaus?

A. The account should appear within 30-45 days from your purchase date.

Q. Can you report my account to the credit bureaus now that I've paid off my car?

A. If we've been reporting your account to the credit bureaus, then your paid-off account will be updated within 30-45 days. If we've never reported your account to the credit bureaus, then we cannot report the paid-off account because it is considered a "closed" account.

Q. Why aren't my payments for this month showing on my credit report?

A. We perform our credit reporting once a month for the previous month. For example, payments made in the month of April may not appear until June. Please note, that it may take the credit bureaus 30 days to validate the data. This once a month reporting may cause a delay in your information appearing on the credit report.

Q. My payment is $200.00 (bi-weekly), why are you reporting that it's $433.00 monthly?

A. If your payments are setup as bi-weekly (every other week), two months out of the year, you will have three payments due for those particular months. This means, you'll have a total of 26 payments per year. The monthly average is calculated by using the following formula:
$200.00 (bi-weekly payment amount) x 26 (payments) / 12 (months) = $433.00

Q. Why is this account lowering my credit score?

A. There are many factors that can affect your credit score. We suggest you contact the credit bureaus directly for more information.

Q. How do I find out more information about credit reports?

A. For the CFPB guidance on credit reports see their website at: Should you have additional questions or concerns, please contact us at . In your email include your full name, account number and the last six digits of your VIN and phone number.

9008 Parkway E
Birmingham, AL 35206
(205) 395-3123
10651 Boney Ave.
D'Iberville, MS 39540
(228) 456-3735
405 Eastern Blvd.
Montgomery, AL
(334) 339-3464
604 Alabama Ave.
Bremen, GA 30110
(678) 821-3151
© 2019 Holmes Motors