Hi Everyone, not sure where to post this topic, but curious about this auto loan still showing up on one of my reports years after it was paid in full.
I paid off a car loan back in 2012 and just noticed that Equifax still has it showing as open. It's listed as a zero balance account but they list the $500+ monthly payment amount as still ongoing even though the account was last reported in 2012. The credit limit ( what the loan amount was) is listed as over $30k with a zero balance, so as available credit....
The other two bureaus have been reporting this account correctly as paid in full, closed, etc. for years but why would Equifax miss it?
For the sake of having an accurate file there I did dispute the info-asking them to please mark the account closed at my request (no other options in the check boxes), and am waiting to hear back. I don't like that most lenders pull their reports and go figure, they've got me paying over $500 a month for a loan that's been closed for over four years now. While I'm sure the $30k available line with a zero balance is helpful to me in some way, just seems odd.
Also not sure what to send them if they ask for proof. I guess I can send them the letter that arrived when the loan was completed. Paid car off in 2012. Received a thank you letter with the security interest release and turned it in to my state DMV for a free and clear title in only my name. I still own the vehicle. I'm sure they will check with the auto lender and simply mark correctly but if not, what's the best document to send. The title and the letter?
And lastly, does disputing something like this hurt my credit in any way? They make it sound like such a big deal to dispute something while it seems here that they just didn't update for whatever reason and just need to go click a button. It's not a dispute but a correction of their own error...
Thanks for any thoughts!
