Collections with Tradelines

[Anonymous]

I have several collections accounts listed under Installment Loans on my CR. I am not convinced that they are not better off their than under collections accounts, except that on Experian they are counting as 90+ days late in my payment history every month. Logically, I would think this is very damaging and something that I can dispute with the CRA. One has 21 lates, another 15, and a third also 15. That's a lot of lates!! Any helpful advice would be good. Should I ask simply for removal of these lates, or request that they get moved to collections?

[Anonymous]

bump

[Anonymous]

I'm not sure it makes a different whether they're listed as installment loans or collection accounts. You could try disputing with the CRAs and maybe they'll start reporting correctly once they're verified, but have you tried contacting the original creditor and working out some sort of payment in exchange for them deleting the negative record altogether? I've had some success with that.

[Anonymous]

There have been many discussions about this recently-

This seems to be a new trend-

IMO- it makes it easier for the CA's to update and do damage reporting this way- 

I have nothing to say if this is legal or not-

I asked my lawyer about this and he is yet to get back to me-

[atlastontheroad]

I have one collection listed in the accounts section of two credit bureau reports and I've wondered the same thing.  Because they're adding fees, it looks like the line is overlimit (like 130%) and I know it's doing damage.

Timothy, I can't wait to hear what your atty says!