Auto Loan still reporting - Paid off years ago

[dsotm76]

Hey there,

So, recently I was closing out one of my bank accounts since my loan with them was paid off.  I had received a few notifications about the loan account being closed and took the time to check it on my credit reports.

While I was looking on Experian, they are still showing the loan as open with $4000+ left, marked current, and no activity for a couple of years now.  When closing my bank account, I inquired with them about it to see if they could get it taken care of since the loan was through them and paid off through them.  I was followed up with from the credit union with a "there's nothing we can do. We don't deal with Experian." and implying the burden is on me if I wanted something done, but not to bother them about it anymore.  

My question is this, is it bad to click on the dispute button on Experian for this account?  One of the options is for the loan already being paid off.  I don't want to do anything to harm my financial future, but I also don't want that $4000+ still hanging out there and factored into the money I owe.  Mind you, both EQ and TU show this account as paid and closed.

Thoughts and suggestions?

THANKS!!!!

[blindambition]

I would contact senior management in their reporting department. Hopefully they'll resolve. If they make anymore remarks about not bothering them, contact the CFPB and National Credit Union Administration.

[dsotm76]

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@blindambition wrote:

I would contact senior management in their reporting department. Hopefully they'll resolve. If they make anymore remarks about not bothering them, contact the CFPB.

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Pardon my ignorance...CFPB?

[blindambition]

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@dsotm76 wrote:

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@blindambition wrote:

I would contact senior management in their reporting department. Hopefully they'll resolve. If they make anymore remarks about not bothering them, contact the CFPB.

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Pardon my ignorance...CFPB?

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I updated comment. Consumer Financial Protection Bureau and National Credit Union Admin. The NCUA regulates credit unions.

[OmarGB9]

No disputing would not be bad in this case. You're absolutely right, they should have updated when you paid it off, and by reporting inaccurately and refusing to fix it, they are in violation of the FCRA.

[KLEXH25]

Reporting an error will not hurt your credit. The loan has been paid and is closed. It should not be reporting as open. It really should be on the CU to correct this, but you are well within your right to correct it as well.

[dsotm76]

Thank you both for the response.  I greatly appreciate it.  I just wanted to make sure that it wouldn't look bad on me to dispute it, especially since both TU and EQ are showing it as closed.  They aren't willing to help any further than "offering a letter" and stating it's my responsibility.  So, I figure I'll go through it on the Experian site to get it disputed and reviewed.

Thanks again!

Also, very sorry for the delay in sending my appreciation!

[coldfusion]

Do NOT start off by disputing  this with Experian.   You would only do this as part of an end game either to clean up a loose end or as a Hail Mary when  all other avenues have been exhausted without a successful outcome.   

Since you have already contacted the credit union and they told you there's nothing they can do the next step is to file a complaint directly with the NCUA that the credit union is not correctly reporting the status of your account and will not correct it.    

They'll have to respond to the NCUA's request directly.  I forget if in this specific senario they will have 30, 45, or 60 days to respond.     

Your next step(s) would be based upon their response to the NCUA.