I have had an active auto installment loan that I took out in 12/99 with my dad; it was the first credit entry ever on my reports. My question about it is: how do I know it's being reported as auto installment loan, and not finance company installment loan?? Here's the wording on the reports: TU-->Installment account/automobile/joint account/pay terms: 60 monthly $xxx Experian-->Installment/60 months/$xxx So is this accurate? The loan is through our credit union; definitely not a finance company!
RE: Loan: is it reported as fi Dave it's reporting correctly, and as long as the name of the creditor is listed as xxFed Credit Union or xxCredit Union, then it's definately reporting correctly. Finance company loans are listed as such, (ie, Household Finance, 48 month installment loan, etc. etc.) Bottom line, yours is accurate.
RE: Loan: is it reported as fi Thanks, Lady. I used the infamous Worthknowing.com site, and got a 20 LOL. I have perfect credit, so I know it's inaccurate. They have accounts listed as closed, when my TU report outside the service has them listed correctly. They also said for 1 of my recommendations to get rid of my finance company loan by closing it. It's bringing down my score. That's why I asked about this finance co. thing.
RE: Loan: is it reported as fi Same thing happened on my Worth Knowing report, but I got a 65 and I don't know how accurate that is either. They had my MBNA account that I had just paid off, but it's still open, listed as closed, and one of my gas cards listed as closed. It also told me to get rid of my finance company loan. I did it. I had a Benefial loan from Superior Waterbeds and that was the only finance company that I could see, so it's paid off now.
RE: I hope. Well, from what I understand, the whole concept of a finance company is to provide loans to the "underserved," that is, those who cannot secure financing through traditional forms, like banks and credit unions. So, I guess finance companies are immediately associated with "subprime," and subprime is immediately associated with "high risk," and so down goes the score. I don't agree that finance co. should be treated that way. My parents both have pristine credit histories and always have. They have many times engaged in finance company loans for things like "90 day same as cash," where the lender is Beneficial or American General Finance. They also bought furniture from Walter E. Smithe, and opened up a charge account, serviced by Household Finance. There spending limit is 10K - hardly subprime - but it appears on their reports as the hurtful finance co. type.
RE: I hope. Nothing about this is fair. So like I said, I will be sad, until I can get this off. I am grateful for the loan and the fair rate that Household gave me, but I dont like it lowering my score. roni
