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New Contributor
Posts: 61
Registered: ‎10-21-2013
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Re: ANOTHER CONSUMER FINANCE ACCOUNT! ****NOT*** MISIDENTIFYING STUDENT LOAN ACCOUNTS

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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 JUL 2015
EQ 698|| EX762|| TU 765
Valued Contributor
Posts: 1,978
Registered: ‎04-07-2009
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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 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
New Contributor
Posts: 61
Registered: ‎10-21-2013
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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 JUL 2015
EQ 698|| EX762|| TU 765
Valued Contributor
Posts: 1,978
Registered: ‎04-07-2009
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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 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
Member
Posts: 20
Registered: ‎07-31-2013
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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.

Established Contributor
Posts: 868
Registered: ‎10-11-2013
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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 DISCOVER_IT_LG.gif photo ScreenShot2013-10-12at111542PM.png photo NUS000000012_160X101_STRAIGHT.gif photo NUS000000180_160X101_STRAIGHT.gif photo bankamericard-better-balance-rewards-credit-card-small.png photo SLM2SLM2.png photo HNY2HNY2.png
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Regular Contributor
Posts: 188
Registered: ‎10-03-2011
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Re: ANOTHER CONSUMER FINANCE ACCOUNT!

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

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