CA is reporting a installment debt when I never have an installment debt

[AlaskaWinter]

Hello, I am new to this site and I just checked my CAR and I found a CA reporting an installment debt that I never have. I assuming that this CA is reporting a credit debt as an installment to try to get me pay it.

Also I have this question: When a debt is considered old, I noticed that a debt that I have goes from one CA to another and the date of the open account changes every time they move my debt.

Thank you.

[llecs]

Usually, no matter how a CA is reporting, a CA is a CA per FICO scoring. Sometimes you can get lucky and have one report as an installment. If there's no indication in the comments that it is a CA, then you've lucked out per your FICO score. If this is the case, having them properly report as a CA could drop your score.

The change in "open date" is normal. This is the date the CA took over. FICO still reads and bases the score on your DOFD.

[Anonymous]

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@AlaskaWinter wrote:

Hello, I am new to this site and I just checked my CAR and I found a CA reporting an installment debt that I never have. I assuming that this CA is reporting a credit debt as an installment to try to get me pay it.

Also I have this question: When a debt is considered old, I noticed that a debt that I have goes from one CA to another and the date of the open account changes every time they move my debt.

Thank you.

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Do you have a personal loan or student loan, they are reported as installment debt. Some personal finance loans get reported that way and some car loans depending on who issued it will be reported that way as well. But as llecs stated, no worries, its actually not a bad thing for your score. As long as you don't have too many.

[ScoreBooster]

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@llecs wrote:
Usually, no matter how a CA is reporting, a CA is a CA per FICO scoring. Sometimes you can get lucky and have one report as an installment. If there's no indication in the comments that it is a CA, then you've lucked out per your FICO score. If this is the case, having them properly report as a CA could drop your score.

The change in "open date" is normal. This is the date the CA took over. FICO still reads and bases the score on your DOFD.

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Well, here's my problem with that issue: LVNV is reporting three accounts that way - and the debt itself is more than 2 years old. My problem is that they are reporting EVERY MONTH, and every time 120+ days late.

Although a CA-account is not a great thing to have, MyFICO lists "Your recent late payment was 1 Month ago" as one of the 4 main reasons for my low score. So I'm not sure if I'm "lucky" that they are reporting as regular account.

All derogatories on my file are almost 2 years old and I'm not sure if this reporting does me any good. They are keeping it as an open account so I'll have this "recent" late payment for the next 5 years...?

Message Edited by ScoreBooster on 03-05-2009 08:49 PM

[Anonymous]

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@ScoreBooster wrote:

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@llecs wrote:
Usually, no matter how a CA is reporting, a CA is a CA per FICO scoring. Sometimes you can get lucky and have one report as an installment. If there's no indication in the comments that it is a CA, then you've lucked out per your FICO score. If this is the case, having them properly report as a CA could drop your score.

The change in "open date" is normal. This is the date the CA took over. FICO still reads and bases the score on your DOFD.

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Well, here's my problem with that issue: LVNV is reporting three accounts that way - and the debt itself is more than 2 years old. My problem is that they are reporting EVERY MONTH, and every time 120+ days late.

Although a CA-account is not a great thing to have, MyFICO lists "Your recent late payment was 1 Month ago" as one of the 4 main reasons for my low score. So I'm not sure if I'm "lucky" that they are reporting as regular account.

All derogatories on my file are almost 2 years old and I'm not sure if this reporting does me any good. They are keeping it as an open account so I'll have this "recent" late payment for the next 5 years...?

Message Edited by ScoreBooster on 03-05-2009 08:49 PM

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Wow, that's excessively nasty of them. Lucky not in the sense of its a good thing but its better than being reported in a more deragatory way, score wise speaking only. The more current they make the derag appear, the more it will hurt you obviously. Wow. It sucks.

[ScoreBooster]

Well, as I said, I doubt this form of reporting is doing me any good - not even in regards to my score. I'll probably dispute that and have it turned into a CA-reportig as it's supposed to be. Since it's not the only CA on file, I assume the impact won't be much worse than now..

[Anonymous]

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@ScoreBooster wrote:
Well, as I said, I doubt this form of reporting is doing me any good - not even in regards to my score. I'll probably dispute that and have it turned into a CA-reportig as it's supposed to be. Since it's not the only CA on file, I assume the impact won't be much worse than now..

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Probably not, good luck to you.

[ScoreBooster]

Thanks!

[Anonymous]

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@ScoreBooster wrote:
Thanks!

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Anytime, support is the least we can do

[llecs]

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ScoreBooster wrote:

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@llecs wrote:
Usually, no matter how a CA is reporting, a CA is a CA per FICO scoring. Sometimes you can get lucky and have one report as an installment. If there's no indication in the comments that it is a CA, then you've lucked out per your FICO score. If this is the case, having them properly report as a CA could drop your score.

The change in "open date" is normal. This is the date the CA took over. FICO still reads and bases the score on your DOFD.

---

Well, here's my problem with that issue: LVNV is reporting three accounts that way - and the debt itself is more than 2 years old. My problem is that they are reporting EVERY MONTH, and every time 120+ days late.

Although a CA-account is not a great thing to have, MyFICO lists "Your recent late payment was 1 Month ago" as one of the 4 main reasons for my low score. So I'm not sure if I'm "lucky" that they are reporting as regular account.

All derogatories on my file are almost 2 years old and I'm not sure if this reporting does me any good. They are keeping it as an open account so I'll have this "recent" late payment for the next 5 years...?

Message Edited by ScoreBooster on 03-05-2009 08:49 PM

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It is a bad thing if they report lates monthly. OP didn't indicate that though. But yes, a CA reporting as an installment or collection AND reporting any type of late payment is certainly a lot worse than a stand-alone CA w/ no lates. LVNV ranks up there on my hate list along with EX.

In reading these forums, there are a few very rare instances of CAs reporting as installments with no lates and no CA comment. In an example like this, FICO reads it as a loan and there's no CA ding.