What is an Installment Sales Contract?

[Thunderseven]

What is an Installment Sales Contract?  I recently requested my CU change my personal loan type to what it should be, an Installment Account.  EQ had it reporting as a revolving account which was causing havoc with my percentages.  However, when EQ did finally make the change, they changed it to an ISC and still have it showing as a revolving account.  There was no purchase made with this loan, strictly a personal loan.  How can this be a sales contract without any property exchange or collateral?  What exactly is an ISC?

[Junejer]

Hey Thunder, I have never seen this notation. How is it showing at the other CRAs. If showing properly, you may have to kick EQ in the butt. I would first work with my CU though, to see if they can fix it, once and for all.

[Thunderseven]

My CU only reports to EQ, so it's not hitting the other two.  I'll have to check with the CU on Monday to see if they can contact their EQ rep again.  I'll let you know what I find out.  In the meantime, if anyone else has any info on this type of account, please share.  Thanks!!!

[Anonymous]

Looks like your CU made a mistake in coding. I found this article explaining Installment Sales Contract, maybe this will explain for you- definitely coding error

http://realtytimes.com/rtpages/20060828_creatfinance.htm

[Thunderseven]

Thanks, I'll check with them on Monday and have them recode my account.

[Thunderseven]

Well my CU finally convinced EQ to report my loan correctly today.  I didn't see anything impressive with my TC FAKO's, so I'll wait a week or so and run MyFICO's again.  I'm still working on something else and want to wait on the results of it until I run them again.