topic Re: Student loans showing as credit card in General Credit Topics

Student loans showing as credit card

dynamicvb — Tue, 01 May 2018 22:07:45 GMT

I noticed today that my student loans on EQ is showing as a type credit card. They show as installment loans on the other two. EQ is my highest fico 8 score of the three. I’m wondering if I should dispute or just leave it as is, since it’s the highest by around 8 points or if this is skewing the utilization on my report. Does anyone else have this for student loans or any advise on what I should do?

Re: Student loans showing as credit card

RobertEG — Tue, 01 May 2018 22:25:58 GMT

I would recommend getting it corrected ASAP.

Installment and revolving credit are scored under different weighting in your util of credit category, with revolving credit having greater weighting and scored on your % util of credit limit. Installment is not included in % util, and while it does have a % remaining of orig balance, that percentage is not as significant.

Additionally, if your only installment loan, it will have significance in your mix of credit scoring.

Finally, upon a manual review, a reviewer will likely note the incorrect reporting, and thus rightfully conclude that the score they are viewing is not based on accurate reporting. They cannot "correct" the scoring on their own.

That alone would be sufficient, in my opinion, to get it corrected.

Re: Student loans showing as credit card

Anonymous — Tue, 01 May 2018 23:04:09 GMT

Unless you have obtained the report through annualCreditReport.com, my next step would be to get my EQ report via ACR and see what it says. Every once in a while a third-party tool can go a little wonky and present data in the report as different from what is actually there.

Re: Student loans showing as credit card

dynamicvb — Tue, 01 May 2018 23:43:14 GMT

That’s a good point. I saw this on experian with a report on all three. So I decided to see what CK says and it has it listed as educational loan.

I just wonder if 50k listed as a credit card is hurting me a lot.

im going to pull one from annual credit and see what is on there.

Re: Student loans showing as credit card

Anonymous — Wed, 02 May 2018 00:11:21 GMT

Be sure to focus your ACR pull on Equifax, since that was the bureau that seemed to list it as a credit card (via the Experian 3B report).

When you pulled your reports at Karma, both EQ and TU listed it as a loan, right?

Re: Student loans showing as credit card

dynamicvb — Wed, 02 May 2018 13:53:16 GMT

I had not looked at this on the myFico report. on there its listed as a student loan too. I have a subscription to experian.com and that is where its listed as a credit card. Perhaps I am just worrying about something that does not mean anything.

Re: Student loans showing as credit card

Anonymous — Wed, 02 May 2018 14:17:38 GMT

Yes. The first step in these situations is to pull your reports using multiple tools (Karma, etc.) and see if the tool that is giving you the worrisome news is an outlier -- do all the other tools have it right?

If there is still some legitimate worry, then you pull your report at ACR in order to be sure. ACR reports can only be pulled once a year, but this is basically the very situation they were made for, since otherwise reports can be obtained at many places at zero cost.

PS. If you live in one of the Magnificient Seven states (Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey and Vermont) then you can get free reports (of ACR quality) multiple times a year.

https://www.creditcards.com/credit-card-news/7-states-where-residents-get-extra-free-credit-report-1282.php

Re: Student loans showing as credit card

Anonymous — Wed, 02 May 2018 19:04:39 GMT

funny I checked this thread this morning and wondered the same thing. I currently have a student loan on hold through Great Lakes.

Decided to check my CCT credit reports(all 3) and sure enough EX/TU report them as installment loans and EQ is reporting as a crdit card. Ive been wondering why the negative factors included extremly high utilization when I never caught it.

edit: on CCT under Equifax accounts its showing a a credit card, but after looking my my EQ credit report through annual credit report its listed under installment accounts.

Not sure what to do in this situation. should I report it to CCT or try to dispute with equifax?

Re: Student loans showing as credit card

Anonymous — Wed, 02 May 2018 19:55:20 GMT

@Anonymous wrote:
funny I checked this thread this morning and wondered the same thing. I currently have a student loan on hold through Great Lakes.

Decided to check my CCT credit reports(all 3) and sure enough EX/TU report them as installment loans and EQ is reporting as a crdit card. Ive been wondering why the negative factors included extremly high utilization when I never caught it.

edit: on CCT under Equifax accounts its showing a a credit card, but after looking my my EQ credit report through annual credit report its listed under installment accounts.

Not sure what to do in this situation. should I report it to CCT or try to dispute with equifax?

My advice to you is the same as for our OP. Pull the EQ report using multiple tools (e.g. Karma, ACR, myFICO, etc.). If all of the tools except the Experian tools agree that the account is installment (the ACR pull is especially important) then ignore what Experian says. There is just something klugy going on in their third-party credit monitoring tool -- nobody else sees this.

I also encourage you to contact contributor Brutal Body Shots and ask him if he might be willing to chime in on this thread. He has a lot of experience with Experian-based credit monitoring tools (e.g. CCT) and I think he has seen this very issue crop up before.

Re: Student loans showing as credit card

Anonymous — Thu, 03 May 2018 01:11:31 GMT

@Anonymous wrote:
@Anonymous wrote:
funny I checked this thread this morning and wondered the same thing. I currently have a student loan on hold through Great Lakes.

Decided to check my CCT credit reports(all 3) and sure enough EX/TU report them as installment loans and EQ is reporting as a crdit card. Ive been wondering why the negative factors included extremly high utilization when I never caught it.

edit: on CCT under Equifax accounts its showing a a credit card, but after looking my my EQ credit report through annual credit report its listed under installment accounts.

Not sure what to do in this situation. should I report it to CCT or try to dispute with equifax?

My advice to you is the same as for our OP. Pull the EQ report using multiple tools (e.g. Karma, ACR, myFICO, etc.). If all of the tools except the Experian tools agree that the account is installment (the ACR pull is especially important) then ignore what Experian says. There is just something klugy going on in their third-party credit monitoring tool -- nobody else sees this.

I also encourage you to contact contributor Brutal Body Shots and ask him if he might be willing to chime in on this thread. He has a lot of experience with Experian-based credit monitoring tools (e.g. CCT) and I think he has seen this very issue crop up before.

Thanks for that, interestingly enough i called CCT and spoke to a rep about it and she said that on her end it's showing as an installment loan and not CC.

Even though I cancelled my CCT trial on Mondy I was still able to generate a 3B report earlier this afternoon. Usually if your outside the cusp of being able to generate a 3b report for free i know you have to pay $39.95 correct?

I guess ill sign up for the $1 trial again and regenerate the reports and see if Equifax is still reporting it as a credit card instead of installment loan.

Re: Student loans showing as credit card

beutiful5678 — Thu, 03 May 2018 01:23:59 GMT

A $50k student loan that's reporting as a revolving account? Are you sure this isn't an educational line of credit?

Re: Student loans showing as credit card

Anonymous — Thu, 03 May 2018 02:48:03 GMT

also for those in the know just want to ask this: just dobule checking my CCT 3B report again and noticed that all my credit card accounts(ast/present) under Transunion/Experian are showing up as credit card accounts.

Experian has my old VWOA car loan(closed/paid on time 2008-2015) + my current US Dept loan listed as installment loans.

Transunion has my credit car accounts(past/present) reporting as credit card accounts, and my US Dept school loan as an installment loan.

Equifax has every credit card listed as an installment loan , and my US Dept loan as a credit card account. does that still sound normal reporting wise?

Im going to call equifax in the morning and see

Re: Student loans showing as credit card

dynamicvb — Thu, 03 May 2018 19:45:58 GMT

Let me know what you find out from them. I'm curious to know if this is hurting my score at least with experian as this would be listed as a high utilization about 90%

Re: Student loans showing as credit card

Anonymous — Fri, 04 May 2018 02:40:04 GMT

@dynamicvb wrote:
Let me know what you find out from them. I'm curious to know if this is hurting my score at least with experian as this would be listed as a high utilization about 90%

Ive been back and forth with EQ. I called their cusotmer service number because I already accessed my EQ report through them once this year and i can't do it again. THey just kept referring me to the online link to access my free equifax report or call another department. totally useless

i renewed my CCT offer and my Equifax report through them still shows all my credit card accounts as installment loans and my installment loans as credit cards. I'm assuming this is what is hurting my Equifax score since my EX/TU are 3 points within eachother and EQ is 20 points lower than both

Re: Student loans showing as credit card

dynamicvb — Fri, 04 May 2018 13:38:26 GMT

I went ahead and requested my reports from annualCreditReport.com and of course, the only one which would work is exprian. I have an open dispute with TransUnion so I could not get that one and EQ seems to be not functioning. I guess I will have to wait until they mail me the report before I can see what they have listed. All the other ones have it listed as a student loan or educational loan, so I'm thinking this is just a bug on the experian site causing it to be reported inaccurately

Re: Student loans showing as credit card

Anonymous — Sat, 05 May 2018 00:41:45 GMT

@dynamicvb wrote:
I went ahead and requested my reports from annualCreditReport.com and of course, the only one which would work is exprian. I have an open dispute with TransUnion so I could not get that one and EQ seems to be not functioning. I guess I will have to wait until they mail me the report before I can see what they have listed. All the other ones have it listed as a student loan or educational loan, so I'm thinking this is just a bug on the experian site causing it to be reported inaccurately

In for updats if anything changes. im wondering if its just an error in translating reporting to a 3rd party monitoring site but Equifax is being a royal pain. Ive already viewed my free EQ report from ACR and cant access it again until next year, cant find my email with it and the EQ folks arent budging. iM tempted to dispute via CCT but i already spoke to a rep via phone and she said it was reporting normally on their end.

Still showed as my US Dept loan as a credit card and all my revolving credit card accounts(past/present) as installment loans.