Re: LVNV Issues
10-11-2012 10:47 PM
Unless I misunderstand LVNV in their own letter is confirming they are reporting inaccurate information
They state"Additionally, the statement “installment account” is generally how a revolving line of credit is defined by the credit bureaus.”
Nobody defines an installment account as a revolving line of credit as by definition they are two different things.
Here is in fact how the credit bureaus (not to mention everyone else in the world) define these terms verbatum on one of their own websites
Installment account: An account with a fixed a payment for the term of the loan.
Revolving account: An account that establishes a maximum credit limit for a consumer such as a credit card or charge account. A balance can be carried over from month to month. Payment amounts are based on the outstanding balance.
Line of Credit: An agreement between an instituiton and a consumer where the instituation agrees to lend a consumer funds up to an agreed upon credit limit. The consumer may borrow as much of the as needed and pays interest on the borrowed portion only. Payment amounts are revolving based on the outstanding balance amounts.
I am new here so maybe some of the more experienced people can comment, but can't you write back them and the BBB and ask them to remove or correct based on the fact they lied in their letter when they said ""Additionally, the statement “installment account” is generally how a revolving line of credit is defined by the credit bureaus.”
And if they were reporting your revolving account as an installment account didn't they just confirm in writting for you that they are reporting inaccurate information and must correct or remove?
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