Revolving or Installment ?

[KEESHAJA]

Hello everyone! In 2010 I went to the University of Phoenix, according to them I owe 3,243 and it reports as a revolving account. Would this be an error? I thought it would be consider as an installment loan.  I am trying to repair my credit and this is the last baddie and it doesn’t fall off until 2018. Please leave feedback.

[gdale6]

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@KEESHAJA wrote:

Hello everyone! In 2010 I went to the University of Phoenix, according to them I owe 3,243 and it reports as a revolving account. Would this be an error? I thought it would be consider as an installment loan.  I am trying to repair my credit and this is the last baddie and it doesn’t fall off until 2018. Please leave feedback.

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Its just the way they are set up, I would offer them a PFD. http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519

[RobertEG]

If you agreed to a loan with set montly payments, it is an installment loan.

If you feel the type of credit is inaccurately reported, then file  dispute.

They must then either verify of corrrect.  It wont result in any requirment for deletion of the account or derogs reported thereunder.

It is always best to have accurate information in your file, but that item of information does not relate to the accuracy of their reporting of any other information, so wont result in any deletion of the pertinent issue of having a delinquent debt.

[KEESHAJA]

Thanks for replying.

[KEESHAJA]

Thank you!