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ANOTHER CONSUMER FINANCE ACCOUNT!

Contributor

Re: ANOTHER CONSUMER FINANCE ACCOUNT! ****NOT*** MISIDENTIFYING STUDENT LOAN ACCOUNTS

I have the same problem.  Based on a Score Power report pulled tonight, the analysis says I have 14 Consumer finance accounts on my credit file and this is being treated as a negative.  I think that 13 of these are acutally closed/paid off (refinanced via consolidation) student loans from Nelnet - A servicer for US Dept of Education.  Based on the hit that I took when these were temporarily off my file  (disputed because they were not showing paid off 30 days after consolidation).  It appears each of the 13 accounts hit me for a one point penalty for a total of -13 points on myFICO score from Equifax !

 

HELP - I think the scoring model is broken !!!!!!!!!

 

This is want the accounts look like on the pull from myFICO tonight:

 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2007 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2012 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2007 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2011 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2012 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2011 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2011 $0 Pays account as agreed No  Details Other

 

Any ideas on how to fix this ?   I really need my 13 points back !

FICOS DEC 2016
EQ 787|| EX781|| TU 795
Message 11 of 17
Valued Contributor

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

Did you buy something with a special financing offer like no interest or no payments ofr a certain amounto of time?

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
Message 12 of 17
Contributor

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

Yes through Ashley/GECRB back in April 2013.  But why would that affect the classification of student loan accounts involved in a consolidation transaction that occured in September ?

FICOS DEC 2016
EQ 787|| EX781|| TU 795
Message 13 of 17
Valued Contributor

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

@maddog

My question was for MTD333 sorry I should have labeled it as such. I am not sure why your student loan accounts are reporting as a consumer finance accounts.

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
Message 14 of 17
Member

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

No I do not.  I only have student loans and credit cards (am ex, chase, citibank--no store cards).  It is definitely my student loans and between myFICO and the reporting agnencies, no one can explain why myFICO has categorized my loans as consumer finance accounts.

Message 15 of 17
Established Contributor

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

What are some examples of consumer finance accounts? I assume if you stick with mainstream lenders/credit card companies such as Amex, Citi, Discover, and Barclays you should be fine, right?

 photo NUS000000180_160X101_STRAIGHT.gif photo DISCOVER_IT_LG.gif photo card_1.png photo night-launch.png photo NUS000000012_160X101_STRAIGHT.gif photo bankamericard-better-balance-rewards-credit-card-small.png
$15000 ........... $12500 ............ $11750 ............ $10000 ........... $9400 ............ $5000 ............. $5000
In the Garden until at least November 2015
Message 16 of 17
Highlighted
Regular Contributor

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

I wouldn't say the ding is small those remarks dropped my score 40 points

Capital One Cash World MasterCard 7500, PenFed World Visa 6500, USAA Military Affiliate Visa 2000, Capital One Platinum 2500, Affas Military Star Card 8700, Affas Take It Home Today 4900, Orchard Bank Platinum 1500, Orchard Bank Silver 1300, Lowes 5000 and Chase 500.

Closed on USAA Mortgage Dec 23, USAA Auto Loan 42000 Mercedes Dec 30

Credit Scores: EQ 656 TU 669 EX 679 All Lender Pulls Oct 2011
Message 17 of 17