General Credit Topics

[azureangel]

I checked my credit history and Equifax has a personal loan of mine reporting as a mortgage.  It was an unsecured loan for $2600.00.  Can someone explain why- and if this is hurting my credit score? 

[pizzadude]

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azureangel wrote:

I checked my credit history and Equifax has a personal loan of mine reporting as a mortgage.  It was an unsecured loan for $2600.00.  Can someone explain why- and if this is hurting my credit score? 

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That is strange, I don't know why it would do that ~ this is your report directly from Equifax ?   Have you checked TU and EX ?

It shouldn't hurt your FICO score for it to be reported this way.

[marty56]

Where did you actually get the loan?  Hopefully it was not a CFL.

[RobertEG]

Most likely, the creditor reported the incorrect credit-type code.

[Revelate]

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azureangel wrote:

I checked my credit history and Equifax has a personal loan of mine reporting as a mortgage.  It was an unsecured loan for $2600.00.  Can someone explain why- and if this is hurting my credit score? 

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Take the money and run.  As far as bucketing goes, mortgage > personal installment loan.  Worst case it comes up in review and some underwiter asks you to explain it... no big deal.

Strange though, like Robert suggests, it was probably just misconded.

[dragnldy]

I had the reverse problem.  Couldn't get Equifax to acknowledge a mortgage.  Kept putting it in as a personal loan with a minor statement that it was a mortgage.

[webhopper]

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dragnldy wrote:

I had the reverse problem.  Couldn't get Equifax to acknowledge a mortgage.  Kept putting it in as a personal loan with a minor statement that it was a mortgage.

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Mortgage loans are counted as a better quality credit, I would let it report as is.

[MarineVietVet]

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azureangel wrote:

I checked my credit history and Equifax has a personal loan of mine reporting as a mortgage.  It was an unsecured loan for $2600.00.  Can someone explain why- and if this is hurting my credit score? 

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Hello and welcome.

May I ask where you pulled your report? I ask because last year on one of my myFICO reports (I think it was TU but can't remember) my mortgage was reporting as just an installment loan. When I pulled the full report from annualcreditreport.com the mortgage was reporting correctly.

So that's why I asked where you got the report. This might be your problem/solution.

[azureangel]

Hi- The loan was from FNCB Bank.  I checked it through annual credit report. com.

[Crashem]

Did you mean first national community bank?