Personal loan balance higher than loan amount

Anonymous · ‎06-05-2021

I have a personal loan through Lending Club (who consistantly reports several months late fyi). Because my loan was in forbearance for a few months due to being impacted by COVID-19, they tacked on a good amount of interest causing my balance to exceed my actual loan amount by a few hundred bucks.

Since they haven't reported in 3 months, how much does this balance impact FICO scoring? Should I expect a bump after they report the current balance which is now under the originally listed loan amount?

Remedios · ‎06-05-2021

When my loan reported for the first time, it was maybe $15.00 over borrowed amount.

Bringing it below when first payment reported resulted in 3 points across all three CRAs

Anonymous · ‎06-08-2021

@Remedios wrote:
When my loan reported for the first time, it was maybe $15.00 over borrowed amount.
Bringing it below when first payment reported resulted in 3 points across all three CRAs

I never replied. Good info. Thank you. I'm hoping for at least 5 points since they're several months behind by a few hundres bucks over the origial loan amount due to the added interest. Different amounts for each CRA go figure.

I disputed the payment history and balance directy with Lending Club in writing letting them know I expect them to report June quickly and accurately or else a CFPB complaint.

They seem to be taking it seriously considering the immediate response from their credit department and somber tone of voice over the phone.