Not sure if this is a big deal or not. I noticed on my Experian report Hyundai last reported my account in June 2022. I've made payments in July, August, September and in October. The balance on my Experian is not reflected correctly, it should be less.
Could this potentially affect my score from going up since it's missing 3-4 months of on time payments and the balance is less? Or am I stressing about nothing.
@mortimerwereback wrote:
@RockyTop_TN wrote:Not sure if this is a big deal or not. I noticed on my Experian report Hyundai last reported my account in June 2022. I've made payments in July, August, September and in October. The balance on my Experian is not reflected correctly, it should be less.
Could this potentially affect my score from going up since it's missing 3-4 months of on time payments and the balance is less? Or am I stressing about nothing.OP I just saw your post and I remember reading an article about Hyundai Finance. Hyundai Capital America has received a ton of complaints from customers because of inaccurate reporting. Ended up adversly affecting many customers' credit scores. Here's the article:
Here are some of the bullet points:
Between January 2016 and March 2020, the CFPB also found Hyundai violated the Fair Credit Reporting Act (FCRA) and its implementing regulation, Regulation V, by:
- Failing to report complete and accurate loan and lease account information: Hyundai repeatedly did not take steps to promptly update and correct information it furnished to credit reporting companies that it determined was not complete or accurate, and continued to furnish this inaccurate and incomplete information.
- Failing to provide date of first delinquency information when required: FCRA requires data furnishers to provide credit reporting companies the date of delinquency for when a delinquent account is being charged off or placed for collections. Hyundai failed to report a date of delinquency for many consumers who were more than 90 days delinquent.
- Failing to modify or delete information when required: Hyundai’s furnishing system often overrode manual corrections made by employees in responding to consumer disputes. The furnishing system would provide monthly updates to credit reporting companies that reintroduced the data error after it had been disputed and corrected.
- Failing to have reasonable identity theft procedures: FCRA requires furnishers to respond to any notifications from credit reporting companies about furnished information that is the result of identity theft. Hyundai failed to establish reasonable identity theft and related blocking procedures to respond to identity theft notifications, and continued to report such information that should have been blocked on a consumer’s report.
- Failing to have reasonable accuracy and integrity policies and procedures: Regulation V requires furnishers to maintain written policies and procedures regarding the accuracy and integrity of the information furnished. Hyundai failed to review and update its credit reporting furnishing policies and procedures from 2010 to 2017. It was not until 2021 that the company finally updated some of its credit reporting policies and procedures.
Thank you for the info.
@RockyTop_TN wrote:Not sure if this is a big deal or not. I noticed on my Experian report Hyundai last reported my account in June 2022. I've made payments in July, August, September and in October. The balance on my Experian is not reflected correctly, it should be less.
Could this potentially affect my score from going up since it's missing 3-4 months of on time payments and the balance is less? Or am I stressing about nothing.
I would dispute it.
