topic Auto loan showing incorrectly in General Credit Topics

Auto loan showing incorrectly

bott6698 — Wed, 11 Oct 2017 23:30:44 GMT

Hello, I wanted advice from the FICO experts. I have Chase Auto loan that is being reported wrong. I don't want to mess with it if it will affect my average age of accounts or anything negative to my score. But if it will help my score to fix it please let me know. This is an account that was paid in full when I traded in my vehicle last year so it should show as a zero balance. Here is how it shows on my report. Last updated EQ-2/1/16, TU-2/1/16, EX-2/1/16. EQ-Pays account as agreed, TU-Pays account as agreed, EX-This is an account in good standing. Worst deliquency- EQ-None, TU-None, EX-Chargeoff or other derog. Current balance EQ-$6,385, TU-$0, EX-$6,385

Please let me know if I should have this error fixed to help my score or leave it as is. Thanks so much you guys have been awesome to me in learning to fix my credit.

Re: Auto loan showing incorrectly

Anonymous — Thu, 12 Oct 2017 04:00:06 GMT

What was the original balance of the loan?

Do you have any other open installment loans currently?

Re: Auto loan showing incorrectly

bott6698 — Thu, 12 Oct 2017 14:42:01 GMT

Approx $45,000.00 Yes when we traded in the Suburban last year we got a new verhicle which is an installment since 10/16. Also a mortgage since 8/17 Besides that just a few credit cards.

Re: Auto loan showing incorrectly

bott6698 — Tue, 17 Oct 2017 22:16:35 GMT

I am still stuck on this question. Anyone can help on this one?

Re: Auto loan showing incorrectly

DaveInAZ — Tue, 17 Oct 2017 22:28:23 GMT

Well, the first thing I'd do is call Chase and tell them: "Hey, my auto loan that I paid off last year is still reporting balance of $6,385 on Equifax and Experian, can you fix this?"

If Chase can't or won't fix it then dispute it with EQ & EX, they'll send the dispute to Chase who then should fix it.

It won't affect your average of accounts because that's calculated on your open plus closed accounts, so 1 account changing from open to closed won't affect it. It should help your EX & EQ score a bit as they'll think you're that much less in debt.

Re: Auto loan showing incorrectly

Anonymous — Tue, 17 Oct 2017 22:44:14 GMT

Until most of your mortgage is paid off, this will be more of an advantage than anything else. FICO likes it when it sees loans that are still open but are mostly paid off, which is how this loan currently appears. And if this account never gets corrected, it will get even better, since it will eventually be a 20 or 30 year old account.

Of course, if you decide to buy another house, then the lender might think that you still have a car you are making payments on, and in that case it would help to have it corrected. But you could do that then.

On the other hand, it is not giving you a lot of help either. If you want to do the legwork to get it corrected you can. Correcting it won't cause your scores to plunge or anything.

Re: Auto loan showing incorrectly

bott6698 — Wed, 18 Oct 2017 16:59:13 GMT

Ya this is conflicting. I did buy my house and only had to do a conference call with Chase and my Mortgage company to confirm the truck was paid off. Actually I am surprised that Chase didn't fix it after that call honestly. I was thinking the same as you that this could be helping my account not hurting it but the one CRA showing as chargeoff/other derog might be one that I do fix? But if I do fix on the one the othe CRA's will probaly fix also.

Re: Auto loan showing incorrectly

DaveInAZ — Wed, 18 Oct 2017 17:47:13 GMT

@bott6698 wrote:
Ya this is conflicting. I did buy my house and only had to do a conference call with Chase and my Mortgage company to confirm the truck was paid off. Actually I am surprised that Chase didn't fix it after that call honestly. I was thinking the same as you that this could be helping my account not hurting it but the one CRA showing as chargeoff/other derog might be one that I do fix? But if I do fix on the one the othe CRA's will probaly fix also.

Ah, I missed in your OP tthat " EX-Chargeoff or other derog."

Are your scores all pretty close together? If your EX score is several points lower then it may be due to that "chargeoff or other derog" and may be worth getting it fixed.

Re: Auto loan showing incorrectly

bott6698 — Wed, 18 Oct 2017 18:02:23 GMT

Ya all close with EX being my highest score.

Re: Auto loan showing incorrectly

DaveInAZ — Thu, 19 Oct 2017 00:01:54 GMT

@bott6698 wrote:
Ya all close with EX being my highest score.

Well, I wouldn't bother with it then. If it was a derogatory account your EX score wold be lower than others. It may just say that in the comments but the record it marked satisfactory. As CreditGuyiDixie said, that balance, incorrect as it may be, is probably helping your Fico score by being so low compared to the original balance.

Re: Auto loan showing incorrectly

bott6698 — Thu, 19 Oct 2017 02:54:36 GMT

Thanks guys! I think for now I will leave as is. I appreciate all the advice.