Thread: quick question.. please!!

I have a few last CA's on my report and I was wondering if someone could answer this question for me. When is says on your report "installment" under type of acct, what does this mean. I'm confused because it is a CA account, but the original creditor was a medical bill (hospital). I also have this showing under a CA on my CR for a car loan that the original creditor was a bank.
I don't understand how they consider this an installment account. Should'nt they be reading "open account" or "contract" (concerning the car loan).

Kathy

Originally posted by kathy
I have a few last CA's on my report and I was wondering if someone could answer this question for me. When is says on your report "installment" under type of acct, what does this mean. I'm confused because it is a CA account, but the original creditor was a medical bill (hospital). I also have this showing under a CA on my CR for a car loan that the original creditor was a bank.
I don't understand how they consider this an installment account. Should'nt they be reading "open account" or "contract" (concerning the car loan).

Kathy

The car loan is definitely an "installment" loan, because you make payments on the total amount, i.e., payment is broken up into monthly installments that you pay.

Hospital bills, I don't think should be classified as an installment, but I dont' know for sure since I haven't really dealt with them.

HTH

:)

ok, I can understand the car loan being listed as "installment", because of it being a written contract with payment schedule, but it is in collections, so why would the Ca be listing it that way, or are they obligated to list it that way because that was the original terms of the OC.

kathy