No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
"Is there any way to fight this and get it to reported correctly?"
- Not really, banks & retail stores offering credit will report it the way they want as long as it's accurate and whether they report the $2068 as a credit limit or original loan amount that's how much you can spend on it, so it's accurate. I once had a car loan with a small local credit union and they reported the loan as an "other" type of installment instead of a car loan, and only reported it to EX & EQ, no to TU. When I complained they said "well, that's just how we do things". Same with another local CU credit card, instead of reporting the balance on the statement they report whatever the balance happens to be on the 5th of the month.
"And will a bank look at this negatively since it will literally look like it took 13 years to pay down a $2068 installment loan?"
- No, this will actually be a nice positive to your report. First, reporting the account from 2006 to your credit report should be a nice boost to your average age of accounts. Secondly, credit scoring look at credit limits and installment loans the same way in terms of the current balance as a percentage of the credit limit or original loan amount. Your current balance of $200 is only 9.7% of the credit limit or original loan amount, whatever the jewelry store want to call it. That's a very good thing, although under 9% is ideal, credit scoring always round up, so anything over 9% is counted as 10%. I would make the most minimum payment you can and keep the "loan" as long as possible, it's a very positive thing for your credit report.
If you consider any item of information reported to a CRA to be inaccurate, you can file a dispute with the CRA, requiring the furnisher to investigate the asserted inaccuracy, and the CRA to then reinvestigate based on all the evidence, including the response from the furnisher.
You appear to have a reasonable case if they are reporting an inaccurate portfolio type (base segment, field code 8) of installment and the credit is actually revolvng.
If the furnisher verifies the accuracy as reported, you then have two options.
You can either file a formal complaint with the CFPB and obtain an administrative process for review by the CFPB. or you can file a civil action with the courts contesting the reasonableness of their verification of accuracy of the information.
Filing a civil action can additionally result in a claim for damages if you can show that their inaccurate reporting was either willful or due to negligence.