Confused about Equifax 81 Payment Reporting?

Discussion in 'Credit Talk' started by hoppy1214, Mar 24, 2016.

  1. hoppy1214

    hoppy1214 Member

    Is Equifax reporting this account as two separate 120 day lates!?! It was paid in full and closed in August 2014...

    [table="width: 500"]
    [tr]
    [td]Type of Account:[/td]
    [td]Installment[/td]
    [td]Current Status:[/td]
    [td]PAYS AS AGREED[/td]
    [/tr]
    [tr]
    [td]Term Duration:[/td]
    [td]120[/td]
    [td]High Credit:[/td]
    [td]$0[/td]
    [/tr]
    [tr]
    [td]Date Opened:[/td]
    [td]N/A[/td]
    [td]Terms Frequency:[/td]
    [td]Single Payment Loan[/td]
    [/tr]
    [tr]
    [td]Date Reported:[/td]
    [td]01/03/2016[/td]
    [td]Balance:[/td]
    [td]$0[/td]
    [/tr]
    [tr]
    [td]Date of Last Payment:[/td]
    [td]08/2014[/td]
    [td]Date of Last Activity:[/td]
    [td]05/2014[/td]
    [/tr]
    [tr]
    [td]Date Closed:[/td]
    [td]08/2014[/td]
    [td]Months Reviewed:[/td]
    [td]16[/td]
    [/tr]
    [tr]
    [td]Date of First Delinquency:[/td]
    [td]N/A[/td]
    [td]Activity Description:[/td]
    [td]Paid and Closed[/td]
    [/tr]
    [tr]
    [td]Comments:[/td]
    [td]Student loan assigned to government[/td]
    [td]Type of Loan:[/td]
    [td]Education[/td]
    [/tr]
    [/table]



    [table="width: 500"]
    [tr]
    [td]Year[/td]
    [td]Jan[/td]
    [td]Feb[/td]
    [td]Mar[/td]
    [td]Apr[/td]
    [td]May[/td]
    [td]Jun[/td]
    [td]Jul[/td]
    [td]Aug[/td]
    [td]Sep[/td]
    [td]Oct[/td]
    [td]Nov[/td]
    [td]Dec[/td]
    [/tr]
    [tr]
    [td]2015[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]120[/td]
    [/tr]
    [tr]
    [td]2014[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]120[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]*[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [td]NR[/td]
    [/tr]
    [/table]


    I am super confused about how this entry is being reported. It was a Pell grant overpayment from Spring 2014. I didn't realize it existed until I tried registering for classes in August. I immediately paid it in full... Any communication I've had with the U.S. Dept of Education or Equifax just seems to make things worse... Really appreciate any help you can provide about how to interpret this report. Thank you.
     
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Hi Hoppy, and welcome back to Creditnet!

    From what you show here, it looks to me like they are reporting that the account was paid in full and closed in August 2014. That 120 day late in Dec. 2015 certainly looks to me like a separate late pay though, which is really strange. I don't have a good explanation for you why that would be showing up again in Dec 2015. Was that the last month that anything was reported for this account, or are their additional monthly notations for 2016 too?

    From a credit scoring perspective, just one 120-day late really hurts your credit scores. Frankly, a second one probably doesn't do that much more additional damage. That said, I would dispute it as inaccurate for obvious reasons.
     
  3. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Hey Hoppy - just wanted to follow up since I didn't hear back from you. Did you get the info. you needed from my previous post or do you still have any additional questions? Hope to hear back from you soon!
     
  4. jam237

    jam237 Well-Known Member

  5. hoppy1214

    hoppy1214 Member

    UPDATE:

    I disputed this with Equifax. It took over a month but they removed the second "late" charge. I agree, dealing with the US Dept of Education is a total nightmare. Anyway, my score (from MyFico) jumped 40 points-- from 651 to 691. I have a short credit history (under 2 years) and this is my only negative. So perhaps that's why it had such a big impact. Thanks for all the help!
     
  6. jam237

    jam237 Well-Known Member

    Congratsulations... :) Just glad the EQ was able to fix it for you. :)
     
  7. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Congrats Hoppy! Thanks for coming back to let us know the outcome. It's always good to hear a success story.

    I'm happy to hear that you saw a nice 60-point bump in your FICO scores too. I wouldn't have expected that considering the first 120-day late is still on your reports, but I'm glad to hear it nonetheless.

    So what's next on your agenda for continuing to improve your FICO scores? Do you have a specific goal your shooting for over the next year or so?
     

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