Please help with errors on credit report

[Anonymous]

I have several questions and your help would be very much appreciated:

1. Equifax doesn't show my auto loan that was paid off. Is there any way to get them to show it?

2. Equifax and Experian both show my mortgage that was transferred to another lender as being open. Is this bad?

3. Transunion shows my student loan under adverse accounts. I was never late on this account and the credit report correctly states that, but it still shows under adverse accounts. I disputed it and this is what remarks say now “Chap 7/dispute resolved/consumer disagrees". Why is this showing up there?

4. Transunion shows my mortgage under adverse accounts and the remark says “reaffirmation of debt”. I was never late so why is it under adverse accounts?

Thanks so much! You guys are great!

[llecs]

1) When was the auto loan closed? Did it ever report on EQ? Is it reporting on EX and/or TU? Equifax only reports what is reported to them. I personally would leave it because if you contact the lender, they could see that as a dispute, and this often happens, where they'd remove it from the other two too. Legally, they don't have to report it and it isn't uncommon for things to drop early.

2) No, so as long as the old mortgage reports $0. FICO reads all $0 balance loans as closed, regardless as to the status.

3) Are you the only one on that loan? Did you have a family member on there too who could have filed BK at one point? If so, that's the culprit. If not, then start by pulling your full report directly from the CRA or annualcreditreport. These reports show the full history and you can get an idea of the details and why it reports that way. Was it ever disputed?

4) Was the mortgage ever a part of a BK or also in the name of someone who filed BK?

[Anonymous]

The auto loan closed in August of 2008.  I don't know if it ever reported on EQ.  I guess it should be showing up but I will just take your advice and leave it alone.

The mortgage is showing a balance.  I have one entry for my servicer and a second entry for a company I don't recogize.  Could I have one entry from my servicer and another from the lender?  Perhaps the entry I don't recognize is the lender?

The student loan is under my name only.  I reviewed my complete credit report and there is no indication as to why it is under adverse accounts.  I also disputed it and nothing was changed.  I'm not sure what to do next.

The mortgage is in my name only.  I reaffirmed it in bankruptcy and was never ever late. Should it be showing as adverse just because I entered into a reaffirmaton agreement?

Thanks for your help.

[Anonymous]

Hello.  Please let me know if you can help.

[llecs]

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@Anonymous wrote:

The mortgage is showing a balance.  I have one entry for my servicer and a second entry for a company I don't recogize.  Could I have one entry from my servicer and another from the lender?  Perhaps the entry I don't recognize is the lender?

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Are both reporting a balance?

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@Anonymous wrote:

The student loan is under my name only.  I reviewed my complete credit report and there is no indication as to why it is under adverse accounts.  I also disputed it and nothing was changed.  I'm not sure what to do next.

The mortgage is in my name only.  I reaffirmed it in bankruptcy and was never ever late. Should it be showing as adverse just because I entered into a reaffirmaton agreement?

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For both the SL and the mortgage, they would be adverse accounts if included in the BK, even if paid on time. You'd want to look in the comments of that TL to see if it says IIB.

[Anonymous]

One entry for the mortgage reports a balance as of last month and the other reports a balance as of 5/2009.  Both show open.  Do you think this is hurting my score by showing that I have more debt than I actually do?

The TL for the mortgage says "reaffirmation of debt".  It does not say IIB.  The TL for the student loan says "Chap 7/dispute resolved/consumer disagrees".  The student loan was listed in the bankruptcy, but of course not discharged.  When you say included in the BK, do you mean even if they are listed and never had a late that they will show under negative accounts?  Thanks for your help.

[Anonymous]

Please let me know what you think.  Thanks.

[llecs]

I'm not a BK guru, so bumping for others, but comments like IIB or "reaffirmed..." are negative comments, but are scored equally AFAIK. If both mortgages show an active balance of anything but $0, whereby this was the exact same debt for the exact same mortgage, then one is misreporting. I'd start by calling the one that is misreporting the balance. When sold to a 2nd lender, the first must update to $0. Both showing open doesn't impact your scores. If the incorrect one shows $0 after talking to them, you likely won't see any score movement, or little if any, but your DTI would be much less if you applied for anything in the future.

[Anonymous]

Why would the student loan be negative? It wasn't reaffirmed or IIB.

[llecs]

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@Anonymous wrote:
Why would the student loan be negative? It wasn't reaffirmed or IIB.

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I made that comment after you mentioned you had listed it in the BK. Try contacting the lender.