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Experian reporting - Help!

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SouthJamaica
Mega Contributor

Re: Experian reporting - Help!


@Taylor92 wrote:

@AndySoCal 

It's the second option. I have the ability to pull money out of the loan and start the payments over if I need to. 


You never mentioned that it was a revolving line of credit. You just called it a loan. I assumed you meant an installment loan.

 

If it's a home equity line of credit, it's my understanding that these are treated differently in different bureaus and scoring models, but I have no personal experience with them.


Total revolving limits 569520 (505320 reporting) FICO 8: EQ 689 TU 684 EX 682




Message 11 of 12
AndySoCal
Senior Contributor

Re: Experian reporting - Help!

@Taylor92  In my opinion this should reported Home Equity Line of Credit because that what it is.  Are the other two bureaus showing the acocunt type as Revolving or Installment?   Interesting that it is note loan and Experian is  including it in the credit utilization which to me means it is reported as revolving. (like a credit card in a sense). Show that to your lender and see if they can update/correct the reporting.

 

@SouthJamaica  When I first saw the post It took me a minute or two to think of loan type that can be either Installment or Revolving. Which is the reason I asked my first question.  I think today more of the Home Equity Loans are Home Equity Line of Credit. The feature being able to borrow money and pay it back then borrower again etc. saves both the consumer and the lender time. No more reapplying for additional Home Equity Loans.  For whatever it is worth I have a background in credit and credit reporting.

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Message 12 of 12
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