ANOTHER CONSUMER FINANCE ACCOUNT!

[Maddog_]

I have the same problem.  Based on a Score Power report pulled tonight, the analysis says I have 14 Consumer finance accounts on my credit file and this is being treated as a negative.  I think that 13 of these are acutally closed/paid off (refinanced via consolidation) student loans from Nelnet - A servicer for US Dept of Education.  Based on the hit that I took when these were temporarily off my file  (disputed because they were not showing paid off 30 days after consolidation).  It appears each of the 13 accounts hit me for a one point penalty for a total of -13 points on myFICO score from Equifax !

HELP - I think the scoring model is broken !!!!!!!!!

This is want the accounts look like on the pull from myFICO tonight:

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2007 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2012 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2007 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2011 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2012 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2011 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2010 $0 Pays account as agreed No  Details Other 

Dpednelnet    XXXXXXXXXXX   X/2011 $0 Pays account as agreed No  Details Other

Any ideas on how to fix this ?   I really need my 13 points back !

[AndySoCal]

Did you buy something with a special financing offer like no interest or no payments ofr a certain amounto of time?

[Maddog_]

Yes through Ashley/GECRB back in April 2013.  But why would that affect the classification of student loan accounts involved in a consolidation transaction that occured in September ?

[AndySoCal]

@maddog

My question was for MTD333 sorry I should have labeled it as such. I am not sure why your student loan accounts are reporting as a consumer finance accounts.

[MTD333]

No I do not.  I only have student loans and credit cards (am ex, chase, citibank--no store cards).  It is definitely my student loans and between myFICO and the reporting agnencies, no one can explain why myFICO has categorized my loans as consumer finance accounts.

[chwebb1]

What are some examples of consumer finance accounts? I assume if you stick with mainstream lenders/credit card companies such as Amex, Citi, Discover, and Barclays you should be fine, right?

[YHWHUDAH]

I wouldn't say the ding is small those remarks dropped my score 40 points