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.
|Total CL: $314.7k||UTL: 2%||AAoA: 6.8yrs||Baddies: 0||Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping|
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?