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
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!
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
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" -----------------------------
RE: paid off car loan and corr Equifax told me that an installment loan with a zero balance is the same as closed.
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.
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
RE: paid off car loan and corr you are one of the few who actually READ her question and answered it right. Hello! roni