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Personal loan company bought out

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Personal loan company bought out

My husband has a personal loan through One Main Financial. At some point in the past year they were bought out. We check his reports periodically, just to keep an eye on things. Well, his score dropped, so i started looking deeper. His original One Main account is now listed as "closed". And another account, with the same account number and balance is on jis reports now, still under One Main Financial. This appeared at the same time that his score dropped. There are no changes, other than us bringing down the balance on a line of credit by $500 which should raise his score, not lower it. I've disputed the second account and it comes back verified. He has repeatedly asked them to remove the closed account and they claim this is how they operate and will not remove it. How can this be correct? Why should he be punished because the loan company changed owners?
Message 1 of 10
9 REPLIES 9
Valued Contributor

Re: Personal loan company bought out

Personally, I don't suspect that's the reason for the lower score (Unless of course your CR say it is) though I could be wrong. My mortgage has been bought out twice in 4 years. I haven't noticed though if it says closed or not. Not not a closed account, removed, will change scores. Again, I could be wrong. How many points we talking here?

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Message 2 of 10

Re: Personal loan company bought out

I don't see what else it could possibly be. Like I said, it happened in the same 30 day period when the new account was added and the old listed as closed. It dropped 10 points. Doesn't seem like much but 10 points is 10 points. He has no new inquiries, no new debts everything remains the same. If the loan was "sold" to another company, it should be listed as transferred (as far as I have read) not closed. One Main still services the loan, all payments are to them and the payment history and open date on the new account go back to 2015 when the loan was initiated originally. So it makes it appear as though he had a second loan account that was "closed".
Message 3 of 10

Re: Personal loan company bought out

As I originally stated, the only other change that month was a $500 payment toward our like of credit which brought our balance down, leaving us with about 45% of that line of credit available so the score should've gone up, not down.
Message 4 of 10

Re: Personal loan company bought out

I neglected to add that this is only an issue with TransUnion and Experian. Both had a 10 pt drop in that 30 day period. Equifax has it listed correctly as "transferred" and there was no drop in his score. Which confirms to me that this has to be the reason for the drop.
Message 5 of 10
Senior Contributor

Re: Personal loan company bought out

Maybe dispute it as a duplicate account.  

 

Dispute it as having incorrect information IF it states it was just opened the month it reported.

Message 6 of 10

Re: Personal loan company bought out

I disputed it as a "duplicate" and it came back verified with Experian, still awaiting results from TransUnion. I again disputed with Experian that the info on the "new" account was incorrect, with incorrect open date. It again came back verified. My husband had called and gone into our One Main branch to physically show them his reports and they claim this is proper procedure. It would be easier to just leave it alone but now, to me, it's the point of the matter. Their customer service is absolutely awful. We've never missed a payment, and they are so obnoxious. It isn't bad enough that they're **bleep** him with a 28% interest rate. I want to refinance the loan but now i have to get those points back.
Message 7 of 10
Senior Contributor

Re: Personal loan company bought out

Which website do you use to check his credit scores?

Message 8 of 10

Re: Personal loan company bought out

Myfico.com
Message 9 of 10

Re: Personal loan company bought out

I use myfico credit monitoring also and received the alert from 2 of the 3 bureaus that one of his accounts was closed, as well as alerts from all 3 that 1 new account was opened.
Message 10 of 10
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