paid off car loan and correct

Discussion in 'Credit Talk' started by marci, Jan 4, 2001.

  1. marci

    marci Well-Known Member

    I recently refinanced a car and while the old company is now reporting a zero balance, according to Equifax, the account is still "open". Should I dispute this as a closed account or do creditors (and the scoring model) automaticall assume that an installment account with a zero balance is closed?

    Am I hurting my score by leaving this account "open"?

    Thanks,

    Marci
     
  2. sam

    sam Well-Known Member

    RE: paid off car loan and corr

    Dispute it. VCI did this to me years ago. Dispute the account saying the balance is 0 and the account should be listed as close. I did this online with equifax and it was flawless!
     
  3. marci

    marci Well-Known Member

    RE: paid off car loan and corr

    Hi Sam,

    Thanks for your reply. I should clarify. Equifax is reporting a zero balance as well. It's just that the account is still listed as open.

    I was just wondering if it made a a difference re score and debt liability with creditors for me to have an "open" zero-balance installment account or a "closed" one.

    Thanks,

    Marci
     
  4. arteagle

    arteagle Guest

    RE: paid off car loan and corr

    marci....I had this problem a few months ago. I wrote a simple letter to eqifax and it was corrected without a hassle. Yes, it is hurting your score by leaving the account"open"

    -----------------------------
     
  5. the other

    the other Well-Known Member

    RE: paid off car loan and corr

    Equifax told me that an installment loan with a zero balance is the same as closed.
     
  6. GEORGE

    GEORGE Well-Known Member

    RE: paid off car loan and corr

    I would ask the credit reporting agencies to report as "ACCOUNT CLOSED BY CONSUMER"
    AND $0 BALANCE...THEN THERE IS NO QUESTION.
     
  7. roni

    roni Well-Known Member

    RE: paid off car loan and corr

    I have told that opened on paid installment accounts means nothing. I was concerned with that myself earlier in the year. Dont worry.

    roni
     
  8. roni

    roni Well-Known Member

    RE: paid off car loan and corr

    you are one of the few who actually READ her question and answered it right. Hello!

    roni
     
  9. marci

    marci Well-Known Member

    RE: paid off car loan and corr

    Thanks, everyone, for your responses!


    Marci
     

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