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Regular Contributor
Drew
Posts: 209
Registered: ‎03-27-2007
0

Installment Loan (HELP)

Hello Everyone,

I had a concern about an open installment loan that I currently have reporting.  It is basically an auto loan from Toyota Motor Corporation that dates back to 2008.  My concern is my FICO score potentially being affected by the manner in which the loan is reporting.  The loan was basically inherited about a year ago, so there's been nothing but issues trying to find resolution in getting it to report accurately.

  • EQ is absolutely great;  the loan appears to be reporting correctly.
  • TU shows that, although the loan was opened in 2008, "OK" payment status' have only been provided starting from 2011.  No other status' have been provided prior to that date and/or are missing. Additionally, the scheduled payment amount reflects $435 per month, but the actual payments showing are $434.
  • EX is basically reporting the same as TU.

I am really frustrated at this point and trying to figure out the best course of action.  I have disputed with the credit bureaus numerous times and did have success with getting the information corrected;  unfortunately, the information would get changed back at the end of the month for some odd reason.

Maybe someone could offer some perspective or has had a similar experience.

 

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gnf
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gnf
Posts: 3
Registered: ‎01-30-2013
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Re: Installment Loan (HELP)

I have been through the same- contact the lender and ask them to email or write to their contact in TU or EX (both I believe to be West Coast based) and have them provide the whole history and to copy you on the letter. It has been my experience that if you dispute through TU they just "remove" the credit line completely - which is not good. Turst me this worked for me- I contact them and they sent and email and letter to me and their contacts. saw my score go up 10 points.

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Current Score: 624
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gnf
New Member
gnf
Posts: 3
Registered: ‎01-30-2013
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Re: Installment Loan (HELP)

My starting score was 577  in 09/2012 and it is 624 as of 07/2/2013

hr>Starting Score: 562
Current Score: 624
Goal Score: 750


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Moderator
pizzadude
Posts: 9,155
Registered: ‎01-28-2010
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Re: Installment Loan (HELP)

There's really no problem from a FICO scoring perspective ~ at least you won't see points added even if the OK was showing for all months.

The accounts have the correct date opened so they're factored into your AAoA appropriately.

I wouldn't do anything at this point.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
Drew
Posts: 209
Registered: ‎03-27-2007
0

Re: Installment Loan (HELP)


pizzadude wrote:
There's really no problem from a FICO scoring perspective ~ at least you won't see points added even if the OK was showing for all months.

The accounts have the correct date opened so they're factored into your AAoA appropriately.

I wouldn't do anything at this point.

So the number of payments doesn't effect a FICO score?

 

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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Installment Loan (HELP)

Regular Contributor
Drew
Posts: 209
Registered: ‎03-27-2007
0

Re: Installment Loan (HELP)


guiness56 wrote:

You said the account was inherited, what do you mean by that?


Like, it was an account transfer from another party.  I took over the contract.

 

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Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
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Re: Installment Loan (HELP)

I have account with missing "OK" s. I don't think it makes any difference.

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Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Installment Loan (HELP)


MidnightVoice wrote:

I have account with missing "OK" s. I don't think it makes any difference.


I agree, it's not the positives that really matter on these, it's the negatives.


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July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Regular Contributor
Drew
Posts: 209
Registered: ‎03-27-2007
0

Re: Installment Loan (HELP)

Thanks guys.  So, in other words, a FICO score would see no difference in 5000 on-time payments versus 200?

 

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