Installment Account vs. Collection Question

vinciano · ‎03-26-2015

I have one account for ECMC that is reporting differently to all three bureaus. The debt was originally with Sallie Mae, who is reporting it as a Installation Account as well. It has been paid, and both ECMC and Sallie Mae are both showing that. ECMC was opened

Equifax

Type - Installation Account

Condition - Open

Late 90 Plus Days - 19 times

Status - Collection Account

Remarks - Paid Collection

Experian

Type - Installation Account

Condition - Closed

Late 90 Plus Days - 1 time

Status - Paid account/was a collection account, insurance claim or government claim or was terminated for default

Remarks - None

TransUnion

Type - Collection

Description - Paid Collection

Question is, does it matter than Experian and Equifax has it listed as an Insallation Account and TransUnion has it listed as a collection account? And what about Equifax listeing it as open but Experian listing it as closed? I'm not completely sure if ECMC is reporting incorrectly of if the differences are due to the different bureaus reporting the same information differently.

gdale6 · ‎03-26-2015

@vinciano wrote:
I have one account for ECMC that is reporting differently to all three bureaus. The debt was originally with Sallie Mae, who is reporting it as a Installation Account as well. It has been paid, and both ECMC and Sallie Mae are both showing that. ECMC was opened

Equifax
Type - Installation Account
Condition - Open
Late 90 Plus Days - 19 times
Status - Collection Account
Remarks - Paid Collection

Experian
Type - Installation Account
Condition - Closed
Late 90 Plus Days - 1 time
Status - Paid account/was a collection account, insurance claim or government claim or was terminated for default
Remarks - None

TransUnion
Type - Collection
Description - Paid Collection

Question is, does it matter than Experian and Equifax has it listed as an Insallation Account and TransUnion has it listed as a collection account? Its just the differences in the way they report nothing wrong with it.

And what about Equifax listeing it as open but Experian listing it as closed? I'm not completely sure if ECMC is reporting incorrectly of if the differences are due to the different bureaus reporting the same information differently. As far as a paid off reporting as open it could be disputed but do you even want to. If its been awhile since its updated when it reports closed the status date comes current and the CO looks new in Ficos eyes causing a score drop.

taxi818 · ‎03-26-2015

@gdale6 wrote:
@vinciano wrote:
I have one account for ECMC that is reporting differently to all three bureaus. The debt was originally with Sallie Mae, who is reporting it as a Installation Account as well. It has been paid, and both ECMC and Sallie Mae are both showing that. ECMC was opened

Equifax
Type - Installation Account
Condition - Open
Late 90 Plus Days - 19 times
Status - Collection Account
Remarks - Paid Collection

Experian
Type - Installation Account
Condition - Closed
Late 90 Plus Days - 1 time
Status - Paid account/was a collection account, insurance claim or government claim or was terminated for default
Remarks - None

TransUnion
Type - Collection
Description - Paid Collection

Question is, does it matter than Experian and Equifax has it listed as an Insallation Account and TransUnion has it listed as a collection account? Its just the differences in the way they report nothing wrong with it.

And what about Equifax listeing it as open but Experian listing it as closed? I'm not completely sure if ECMC is reporting incorrectly of if the differences are due to the different bureaus reporting the same information differently. As far as a paid off reporting as open it could be disputed but do you even want to. If its been awhile since its updated when it reports closed the status date comes current and the CO looks new in Ficos eyes causing a score drop.

+1 have to learn when to leave well enough alone. i paid off 5 year old collection last may. worst thing i ever did. as my banker said it is best to have it paid. i did not know it was not. Boom. My score droped almost 80 points. not because i paid it. but because the status changed from open to closed. hence it looked new in the eyes of fico. even though i paid it. how sad.