Have an auto loan through Hyundai Motor Finance since September 2019. Has always been paid on time. I noticed Experian shows it has not been reported since June 2022. The current balance owed is much less than stated.
Does it impact your score if they have not report 4 on time payments. July through October 2022 have not reported. I know Hyundai got spanked by the government for erroneous reporting this year, so you figure they'd be reporting g correctly and on time.
@RockyTop_TN wrote:Have an auto loan through Hyundai Motor Finance since September 2019. Has always been paid on time. I noticed Experian shows it has not been reported since June 2022. The current balance owed is much less than stated.
Does it impact your score if they have not report 4 on time payments. July through October 2022 have not reported. I know Hyundai got spanked by the government for erroneous reporting this year, so you figure they'd be reporting g correctly and on time.
Sure it has an effect to fail to report the payments and actual current balance.
IIRC it takes like 3 or even 4 years on ANY score (industry options) of an auto loan not having payment activity to matter. Optimizing for the auto industry specific score (FICO AU) is a terribly bad idea anyway.
I wouldn't worry about it, at some point when you've got nothing better to do with your credit you could dispute as "balance innacurate" it but be warned it may just whack the entire tradeline.
@Revelate wrote:IIRC it takes like 3 or even 4 years on ANY score (industry options) of an auto loan not having payment activity to matter. Optimizing for the auto industry specific score (FICO AU) is a terribly bad idea anyway.
I wouldn't worry about it, at some point when you've got nothing better to do with your credit you could dispute as "balance innacurate" it but be warned it may just whack the entire tradeline.
It finally updated on November 1st. I didn't want to dispute it either for fear of it doing what you said.