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LuckyLucy
Posts: 2
Registered: ‎04-08-2007
0

Real Estate versus Installment Loans

I took out a mortgage in 2000 from Wells Fargo and it was sold that same year to one of their affiliate companies.  It is reported on my CR as a mortgage, but as an installment equity loan after it was sold.  I only discovered this years later and have sent repeated requests to WF to correct the loan classification as it was originally a mortgage.  Am I correct in thinking that a real estate mortgage is a better classification than equity loan in terms of the FICO score?
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Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Contact the holder



LuckyLucy wrote:
I took out a mortgage in 2000 from Wells Fargo and it was sold that same year to one of their affiliate companies.  It is reported on my CR as a mortgage, but as an installment equity loan after it was sold.  I only discovered this years later and have sent repeated requests to WF to correct the loan classification as it was originally a mortgage.  Am I correct in thinking that a real estate mortgage is a better classification than equity loan in terms of the FICO score?


 
Contact the affiliate that holds the loan.  It is better to report as mortgage than HELOC


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