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Car Payment not reaffirmed, but now showing on CR with score jump

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Anonymous
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Car Payment not reaffirmed, but now showing on CR with score jump

So today I got a MyFico email saying there was a change to my EQ report and score. After checking, My auto loan that I didn't reaff, but am still paying an current on is being reported by the CU (My CU has a written "Retain and Pay" policy, you just can't receive member services until the debt is paid off). I could only check from my phone, but it shows the correct bal for the loan as of my last payment in December and in the description notes it shows reaffirmed, Status was changed from Included in Bankruptcy to Payed Agreed and the date opened is accurate to when I first opened the loan. However it does show last activity as 7/1/15 which was just before I filed, but I have made all payments on time since then.

 

I'm wondering do I even dispute this since I really didn't reaffirm because  I got a 22 point jump due to the reporting. Plus, I would think having an installment account current helps my rebuild. My next payment isn't due until 1/15, so I'm not sure if the payment will report. If I leave it on here now, what happens down the line if return the car? Or am I just worried about nothing and should expect it to go away off my CR soon?

 

thanks all!

Message 1 of 3
2 REPLIES 2
pizza1
Community Leader
Super Contributor

Re: Car Payment not reaffirmed, but now showing on CR with score jump

Since you didn't reaffirm the loan, technically they don't have to report at all, so they are doing you a favor. I didn't reaffirm my loan, but continued paying, and the lender removed my 2 yrs of perfect pm off my reports and refused to reinsert.
If you give the car back, or let it go in default, they will report it as such, and will stay negative on your reports after the fact which looks even worse.

Leave it alone...its helping you right now. They didnt report during the time from filing till your DC, because by law, they can't. So, they might "update" it now to show all current. Just keep paying, and the loan is helping you.
Message 2 of 3
ezdriver
Senior Contributor

Re: Car Payment not reaffirmed, but now showing on CR with score jump


@Anonymous wrote:

So today I got a MyFico email saying there was a change to my EQ report and score. After checking, My auto loan that I didn't reaff, but am still paying an current on is being reported by the CU (My CU has a written "Retain and Pay" policy, you just can't receive member services until the debt is paid off). I could only check from my phone, but it shows the correct bal for the loan as of my last payment in December and in the description notes it shows reaffirmed, Status was changed from Included in Bankruptcy to Payed Agreed and the date opened is accurate to when I first opened the loan. However it does show last activity as 7/1/15 which was just before I filed, but I have made all payments on time since then.

 

I'm wondering do I even dispute this since I really didn't reaffirm because  I got a 22 point jump due to the reporting. Plus, I would think having an installment account current helps my rebuild. My next payment isn't due until 1/15, so I'm not sure if the payment will report. If I leave it on here now, what happens down the line if return the car? Or am I just worried about nothing and should expect it to go away off my CR soon?

 

thanks all!


Poke the bear at your own risk. Do you realize that they are doing you a huge favor? Would you prefer that they reposses the auto? Focus your energies on rebuilding your credit profile.

Message 3 of 3
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