Toyota financial services bureau reporting

[ylekiot1]

Hi all, I have a lease through tfs and today I see that they are not keeping my balance in line with the reporting amount. I find that even though my lease is paid until turn in (dec) they are reporting as if I am paying it monthly and show 5 exact payments left. July Aug sept oct Nov. balance is zero and bureau reported yesterday the new balance is 1275. Can they do that?

[RobertEG]

The statutory requirment is that they must promptly report any updates as necessary to maintain the current accuracy.  See FCRA 623(a)(2).

In reality, it is common for creditors and debt collectors to lag behind or estimate balances.

Some will delay until payments have cleared the consumer's bank account.

Yes, you can dispute if they do not promptly update.

However, all that would be required in dealing with the dispute is to make the update.

Unless you are actually applying for new credit or otherwise have immediate pull of your credit report, I would give it at least two months past any payment date before messing with a formal dispute.

[ylekiot1]

The issue is they are taking the amount that the payment would take down the principal if I paid it when due.  1/36th a month of the balance not inculding taxes is what it goes down a month on the credit report regardless of what I pay.   If I don't contest, it will go down 1/36th of starting balanace a month until it finally hits zero in December.  It has nothing to do with the true balance on the account.  What else is interesting, this month it now shows up as a personal loan on myfico (was showing as lease before).  The data is from transunion but transunion has it labeled still as a lease.  So now the category it is defined has changed on the myfico side.  I called myfico and they couldnt help understand why the category had changed.

Paid 277 (255 pricncipal) May 26th and 832 (765 principal) remaining balance May 31)  From the below you can see they are reporting 255 times the number of months left regardless of what is owed.  The payoff amount if I wanted to buy the car now matches the residual so I know it is at zero.  

Current Balance
1532
Original Balance
9196
Last Payment
05/26/2017
Loan Type
Auto Lease
Reported
05/31/2017

Current Balance
1277
Original Balance
9196
Last Payment
05/31/2017
Loan Type
Auto Lease
Reported
06/30/2017