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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.
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.
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.
My starting score was 577 in 09/2012 and it is 624 as of 07/2/2013
@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?
You said the account was inherited, what do you mean by that?
@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.
I have account with missing "OK" s. I don't think it makes any difference.
@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.
Thanks guys. So, in other words, a FICO score would see no difference in 5000 on-time payments versus 200?