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University of Phoenix reporting as installment and revolving instead of collection

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Anonymous
Not applicable

University of Phoenix reporting as installment and revolving instead of collection

I have been looking over my credit report and noticed that when I click on installments that UOP shows up for my Experian. When I click on revolving/ open ended accounts UOP shows up for my Equifax. I don't understand. I am especially confused on how it is reporting as a credit card along with my Capital One and Fingerhut accounts. I feel like it should be showing up under collection accounts but it is not there anywhere. This is from 2011. I don't know what to do or if there is anything I can do. I feel like it would do way less damage as a collection from 2011 than it is currently doing showing up as if it is a credit card or a loan. They aren't a credit card company and did not issue me a credit card. They are also not a loan company and did not issue me a loan. The only loan I ever had was through Navient. Can someone please explain this to me and offer me some advice. I have been actively trying so hard to rebuild my credit for over two years so I can buy a house one day. This is just so frustrating! 

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: University of Phoenix reporting as installment and revolving instead of collection


@Anonymous wrote:

I have been looking over my credit report and noticed that when I click on installments that UOP shows up for my Experian. When I click on revolving/ open ended accounts UOP shows up for my Equifax. I don't understand. I am especially confused on how it is reporting as a credit card along with my Capital One and Fingerhut accounts. I feel like it should be showing up under collection accounts but it is not there anywhere. This is from 2011. I don't know what to do or if there is anything I can do. I feel like it would do way less damage as a collection from 2011 than it is currently doing showing up as if it is a credit card or a loan. They aren't a credit card company and did not issue me a credit card. They are also not a loan company and did not issue me a loan. The only loan I ever had was through Navient. Can someone please explain this to me and offer me some advice. I have been actively trying so hard to rebuild my credit for over two years so I can buy a house one day. This is just so frustrating! 


Are these true credit reports? Sometimes stuff can get misplaced through software interpretation.

Message 2 of 7
Anonymous
Not applicable

Re: University of Phoenix reporting as installment and revolving instead of collection

I assume they are true reports. I ordered them through myfico.com

Message 3 of 7
RobertEG
Legendary Contributor

Re: University of Phoenix reporting as installment and revolving instead of collection

When a creditor reports to the CRA, one of the codes provided applies to the type of credit.

There are three general types:  revolving, installment, and open, with open referring to credit that is due when extended, with no ability to revolve the balance to a later billing cycle.  That includes debt that is due when billed, such as utilities, rental, and in this case, tuition.

 

There are a few possibilites that could cause what appears to be incorrect showing.  First, the college could have provided the incorrect code.  Second, the party who put formatted the commercial credit report put the debt under the incorrect heading, and thus any "error" was not a reporting error on the part of the furnisher.  Third, they are not acting as a debt collector, but rather as the original creditor.

 

I would surmise that they are not considered a debt collector, and thus no collection, and that the debt is consider open in that it was due upon billing for the class, and thus they never asserted the debt to be revolving or installment.

 

In any event, if you still consider there to be some reporting error, either call them informally for explanation or file a formal dispute, detailing your asserted error.

That will result in their investigation and explanation or correction.  It is likely a readily correctible issue.

Message 4 of 7
Anonymous
Not applicable

Re: University of Phoenix reporting as installment and revolving instead of collection

So when you say "open" is that the same as collections? When I look under collections there are some open and some closed so I assume this is what you mean. I am going to dispute it because I really believe that this debt should be listed under collections. Do you think if it was under collections rather than listed as a revolving account or installment that my credit score would be higher?

Message 5 of 7
RobertEG
Legendary Contributor

Re: University of Phoenix reporting as installment and revolving instead of collection

The University is the party with whom you contracted for the courses.  They are the original creditor, and not a debt collector.

"Open" type credit, while using the same word, is distinct from an "open" status of an account, which is not designating a type of credit.

 

A collection is an additional major derog.

The type of credit or the open/closed status of an account is not a derog.

Message 6 of 7
Anonymous
Not applicable

Re: University of Phoenix reporting as installment and revolving instead of collection

So in your opinion should I just leave well enough alone and wait for it to age off? I should only have about 18 more months to wait. I'm just anxious to bump my fico 8 score for EQ up to at least 600. I am at 577 now.

Message 7 of 7
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