Posting credit and auto loan?
Below, is an example on how my auto company posts my credit report. I don't know much about credit but, as it is posted seems incorrect. Does this seem viable for a valid dispute. It seems to me that there should be a credit limit. Please I need some advise. Account Number:35XXXX Current Status: PAYS AS AGREED Account Owner: Joint Account High Credit: $11,566 Type of Account :Installment Credit Limit:$0 Term Duration:45 Months Terms Frequency: Date Opened:10/2006 Balance: $12,692 Date Reported:06/2007 Amount Past Due:$0 Date of Last Payment:06/2007 Actual Payment Amount:$0 Scheduled Payment Amount: $429 Date of Last Activity:06/2007 Date Major Delinquency First Reported: Months Reviewed:8 Creditor Classification: Activity Description: n/a Charge Off Amount:$0 Deferred Payment Start Date: Balloon Payment Amount:$0 Balloon Payment Date: Date Closed: Type of Loan: Comments: Thank you, Brian
Public Comments
- It's correct. It's just a complete break down of your payment history with them
- This looks fine. The only way you have a dispute is if you have verification that any of the amounts listed are incorrect. The amounts that matter would be 1. Balance and 2. Scheduled Payment amount They are saying that you have paid as agreed and have never paid late. That is what you want it to continue to say. There are three bureau's so this looks like only one of the three (trans union, experian, & equifax). You are entitled to a free report from each bureau annually. Keep up the good work!
- Just to clarify, too, credit limit is really more important on revolving credit (like credit cards or a home equity line of credit) than it is on an installment loan. When making a credit decision, creditors like to be able to see how much credit you are using versus how much you have available. They may also, depending on how conservative they are, look at your income versus how much available credit you have to determine if you really have too much (ie if you maxed everything out that you have, could you still afford to pay for it) before they issue you more. An installment loan is one that gets paid off and then closes and cannot be drawn on again, so having the payment amount to do a debt-to-income calculation is enough information. Secondly, why would you want to dispute something that is a positive item?? Paying as agreed with no history of late payments is exactly what you need to build up your score. If you disputed and it was removed, your score could actually take a hit!!
- Everything looks fine to me. Your loan is an installment loan and doesn't have a credit limit - but it does have a high credit (the orginal amount of your loan). The line you are reading Type Of Account: Installment (that part actually stops there) and the Credit Limit is actually another field that doesn't apply. No need to dispute. It's a very nice reference.
- Thats fine. It looks awesome. For more details on loan visit http://loan.sjdinfotech.com
