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Small discrepanices or just the way it is?

intellis
Frequent Contributor

Small discrepanices or just the way it is?

I orderded by credit reports today from MF as I am in the process of trying to look for  ways to help my fledgling EQ score. I noticed that I have some installment accounts that have not reported the correct "Condition" to Equifax. For example, a few loans that I took out a few years back have reported "Closed" to TU and EX, but reported "Not Updated" to EQ. Should I be concern with this and try to dispute it or do "closed" accounts normally reflect "not updated" on EQ?

 

I also noticed that my AAoA for TU was 14yrs while, EQ and EX reported 9yrs. Can I somehow dispute this? It would be nice if the AAoA all match for me on my credit file.

EQ-785 TU-776 EX-783
TCL over $100K+
The CSR pulled me out of my 2 yr stay in the garden. Started over on Nov 6 lol.
What you seek, is seeking you- Rumi
2 REPLIES 2
RonM21
Valued Contributor

Re: Small discrepanices or just the way it is?

When you look closer at the reports, you should be able to see what dates they are showing and where there is a difference. If the AAoA is not all the same, that one report has something that is not similar as the other two reporting.

It could even be that report is missing something the other two have. Closed accounts do not reflect not updated. Not updated probably means for whatever reason, the data needed was not given to the CB to list the most current status kr reporting.
                

Total CL: $314.7kUTL: 2%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | DISC-40.6k | PENFED-38.4k | AMEX-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 2 of 3
RobertEG
Legendary Contributor

Re: Small discrepanices or just the way it is?

The important status for a loan is whether it is paid or has a remaining balance.

Open or closed really only applies to revolving credit, as it designates whether the account continues to be open to use by the consumer.

An installment loan has set terms that, as long as the debt remains unpaid, remains "open" to continued consumre oblitation, and the consumer has no discretionary use of the account.

 

Is the status correctly reporting as either having a reamining balance or as paid, as the case may be?

 

Message 3 of 3
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