Question about Equifax reporting

[RobertEG]

The CRA reporting manual provides for a current status code 93 that includes both internal and external collections.

Yes, it is proper for a creditor to report that their installment loan is currently under internal collection, even though there is no third-party debt collector.

However, once the loan is actually paid, its current status can no longer be reported as any delinquency status, such as CO, CA, or 180+ late.

Similarly, the payment history profile should not show any continued delinquency status for any prior month after the month in which the debt was paid.

The basis for a dispute should thus be the inaccurate reporting of current or prior monthly delinquency status for any month after the debt was paid.

[Sadie5150]

@robertEG

My concern though, is that it was never an installment loan in any capacity.  Rather, the $183 was an overpayment of a grant I was given, and then withdrew from the class a month early, generating a partial refund due to the college.  Does this make any difference?  I never had any type of loan with the college or Dept of Educaiton.  

[RobertEG]

Then it would likely qualify as Open type credit (not to be confused with an open account), which is a third type or credit that is due when billed.

You can certainly dispute the reporting as an installment loan, which is a type of credit that repays debt in equal installments at set periods.

However, that will not result in removal of the reporting of other information on the account.

It may have some scoring impact when moved from scoring as an Open type credit as opposed to revolving or installment, but it may be negligible.

Dispute the type of credit if you wish to get it corrected, but dont expect any deletion of the account or of other reported information.