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I have disputed this with TU and Experian, but to date it appears only Equifax is reporting this the way I think it should report. I'm wondering also if it's why my Equifax score is higher than TU by about 20 points.
I took out a HELOC a while back, and during the first 5 years could draw on the established line. As I paid pack principal, I could re-draw on the line. I don't argue that during this time, this was a line and should have been reported that way. After the 5 years, however, the interest rate was fixed, the line was dropped to zero so that I could no longer take draws, and basically became a fixed rate home equity loan (second mortgage). For TU and Experian, however, this loan is still being reported with a $25,000 line of credit. Since my balance is only down to $20,000 I'm afraid this high utilization is hurting my score. Equifax reports this just with a balance of the $20k and does not report any credit limit, which is how I think it should report. They just have a note on the account that says Home Equity LOC.
Who is right, and if I'm right (and it could affect my score as being reported) how do I go about getting this fixed since so far my disputes have failed.
Thanks for the help,
Sean
If you have an agreement with the bank that they'd report as an installment loan after 5 years, then they should honor that. Otherwise, it should report as a HELOC which is a revolving account. If it should be reported as a loan, a dispute wouldn't go far as you experienced. You'd need to talk to the bank since they are the ones reporting that way.