What impact is this going to have?

[Anonymous]

I mentioned in other threads the overpayment that Im currently paying back. My question is how it's affecting my scoring? And how it will affect scores once paid in full. It is my understanding, once paid, it will be deleted from all reports entirely. 

Equifax and Experian are reporting the account under installment accounts - Paid As Agreed

However, TransUnion is reporting the account under revolving accounts - 120 days past due.  (Wages have been garnished for a couple of months now, so it's NOT past due)

The balance is approximently $4000. TransUnion is including this amount on top of my credit card balances.  This concerns me. 

Also, the current monthly payment amount due is not reporting correctly. Im in garnishment, and the amount they are holding exceeds the monthly due amount. So how does that work too?

[iv]

I don't know the specifics of your accounts/garnishments...

But unless you have an agreement to delete the account info, it can remain on your report for the full legal period (seven years from either each late payment, or from DOFD).

For an account to reach the point of a garnishment, it is generally very past due, and just the fact that the garnishment is in place isn't going to make the account current. (Again, at least not without a specific agreement.)

It sounds like you've gotten lucky with EX/EQ, rather than TU making a mistake, sorry.

[Anonymous]

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@iv wrote:

I don't know the specifics of your accounts/garnishments...

But unless you have an agreement to delete the account info, it can remain on your report for the full legal period (seven years from either each late payment, or from DOFD).

For an account to reach the point of a garnishment, it is generally very past due, and just the fact that the garnishment is in place isn't going to make the account current. (Again, at least not without a specific agreement.)

It sounds like you've gotten lucky with EX/EQ, rather than TU making a mistake, sorry.

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All three agencies have reported as 120 days past due for the last 6 months. Once the payments began from the garnishment, it updated (on it's own) to Pays As Agrees,, through no action of my own. Im assuming the only way for this to happen is if the original company updated the account. And no, this is not a typical credit or loan situation. 

[iv]

Do you have an agreement with the creditor to begin reporting the account as current?

If so, and EX/EQ only just changed the status of the account, wait a bit for TU - they on average tend to be somewhat behind the other two CRAs with their updates.

[Anonymous]

Its standard practice which is stated in their publications and was told to me by their reps through phone calls. Once payments begin, the payments are reported and updated monthly, once paid in full, the account is deleted from all reports. 

So that's where my questions come from. With it reporting under revolving/installment, once updated monthly and then eventually deleted all together, how will this affect my scores through out the process? Im trying to figure out the best approach to managing credit card balances during this time. For example, zero out all cards while this reports?

MyFico is reporting UTI at 41% for all 3 agencies across the board. 

Current scores: 

EQ: 625

TU: 644 (still needs to update account as current)

EX: 689

[RonM21]

Intially when reading your post it seemed like there was a whole part with more info missing at the beginning that you did not mention. You said it is reporting unfer revolving/installment? It is usually one ot the other, and makes a difference.

Who is the lender, and what type of account is it (credit card, loan, etc.)?

[Anonymous]

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@RM21 wrote:
Intially when reading your post it seemed like there was a whole part with more info missing at the beginning that you did not mention. You said it is reporting unfer revolving/installment? It is usually one ot the other, and makes a difference.

Who is the lender, and what type of account is it (credit card, loan, etc.)?

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I apologize, I just didnt want to write a whole book and get too lengthy with it. 

This is for a Military overpayment and it reached this level because I didnt agree with owing it to begin with. Neither here nor there at this point. They're taking it now. I dont know why its under installments category with EQ and EX. But under revolving with TU. This is how it shows up on MyFico 3B reports pulled this month. But like I said, 

MyFico is reporting UTI at 41% for all 3 agencies across the board. which doesnt make sense. 

Current scores:
EQ: 625
TU: 644 (still needs to update account as current)
EX: 689

[iv]

If this is the first month that EX/EQ updated the account to current status, wait until next month with TU before worrying too much about the difference - as I said, TU tends to be somewhat slower to update.