topic Re: Question about True Credit in General Credit Topics

Question about True Credit

Anonymous — Sun, 30 Nov 2008 14:30:07 GMT

I use this service and noticed that TU is reporting a mortgage as open which was paid off about 6 years ago.My question is they also show my monthly overall payments as $1,050.00 where EX shows $121.00 and EQ shows $106.00...my mortgage payment was $944.00 so it looks as though they are still showing it as being paid monthly.Just wondering how or if it really matters as far as scores go?For some reason my scores even though fako's at True credit are considerably lower than the real Ficos I post here?Should I dispute that open mortgage TU shows at True Credit or leave it alone as My real Ficos seem to discount that.

Re: Question about True Credit

Anonymous — Sun, 30 Nov 2008 14:43:38 GMT

Is the mortage showing a balance?

I would pull reports directly from TU and see how it is displaying.

Re: Question about True Credit

Anonymous — Sun, 30 Nov 2008 15:15:02 GMT

No,it's not showing any balance but where it shows your monthly payments it is reflected in that.In other words they take your monthly due payments from your cards and other liabilities and list the total so TU is showing I actually have liabilities of over $1,000 per month when it is actually only around $120.00 ish.It's not in fact open or is my monthly liabilities as high as TU is reporting...Question is does disputing it do more harm than good.Just thought if they are going to file a report it should be correct in any phase of it?

Re: Question about True Credit

Junejer — Sun, 30 Nov 2008 16:03:04 GMT

IMO, as long as there were no derogs, I would let it ride just the way it is for as long as they want to report it that way. The fact that it "remains open" gives you that much more time for it to report on your behalf. Closed account may remain on your reports for up to 10 years after closing. So, if it never closes...it never stops reporting.

Re: Question about True Credit

Anonymous — Sun, 30 Nov 2008 16:53:30 GMT

I had the same thing happen on old mortgage. Please read my thread: TU still reporting paid off mortgage as open

It is on the General Credit Issues Forum also.

I am letting mine stay on TU because if you mess with the tradeline at all, TU may delete the entire TL, that would definitely be a big hit on score!

Perhaps your old mortgage company no longer subscribes to TU, so they did not update the paid off info with them.I found that is what happened in my situation. You can make a phone call to old mortgage company, do not give your name, or acct. number, and ask them which CRAs they report to if you get a mortgage with them. Mine reported only EX and EQ now. In my case, there were no lates so I am riding the open acct train as long as I can. Hopefully, indefinitely.

Re: Question about True Credit

Anonymous — Tue, 02 Dec 2008 11:24:43 GMT

mymoneynow,

I just responded to your thread before I saw your response to mine.

My mortgage was paid off I'm thinking about 6 years ago and it had been with a local bank originally and then went to WAMU who it was paid off to.

I use True credit and just realized how it was reporting it,but it does not seem to be effecting my Fico scores so I will also just leave it alone.

Thanks all for your thoughts on this and reaffirming mine.