I have a 2 year old auto loan through AIB - never late. They recently transferred servicing of the loan to a different dept within the company. I noticed the new dept just started reporting it to EQ and will probably do so to the other CRAs. The original loan is still showing open with the apprx $4K balance. My FICO went up 4 pts but I think that's because 2 of my student loans were corrected somewhat. What should I do at this juncture? Should I dispute the old acct as paid - $0 balance? I am guessing they won't respond to the dispute - they didn't respond to 3 previous disputes.
tmitchell, Have you tried contacting the original creditor to get them to report a $0 balance? Personally, I hate having to deal with the CRAs and always had better luck in dealing with the creditor. I would speak to the bank's credit reporting department and ask them to report the balance as $0 since the new company that the loan has been transferred to is showing the balance. Explain to them, otherwise, it looks like you're carrying two loans. They should have no problem correcting it. Hope this helps. Dani
Well, the reason I'd rather avoid that scenario is the fact that they have demonstrated on several occasions that they will not respond to a dispute. Having the original account updated to show PAID/CLOSED, $0 BALANCE instead of SOLD/TRANSFERRED, $0 BALANCE would probably be a better thing. If I dispute as such and they fail to respond again, EQ and EX would most likely update it to PAID/CLOSED. The account is not showing on TU. Would PAID/CLOSED give me a substantial score boost?
I had an installment loan with several thousand dollars owed to go from paid as agreed never late to paid as agreed never late zero balance. My score increased by 15 points.
