CA Reporting as Installment

[akins503]

I have a CA that is reporting as an installment account on experian or at least when I get my fico score it shows as an installment account. So I have a bunch of positive history with some 90 day lates thrown in. This is reporting hisory inaccurately correct? It also says the account will go to a positive status in 2011.

[Ahntara]

Was the account an installment loan prior to default?

[akins503]

Was the account an installment loan prior to default?

Absolutely Not. I would also like to know if the OC bears any resonsibility as to how the account is reported. The OC still owns the account and the CA is collecting on their behalf.

[Ahntara]

Responsibility for how something is reported falls on the Data Furnisher. The CA is responsible for their data. The OC is responsible only for how their TL reports, if at all.

The erroneous account type is a reason to dispute. You just may get lucky and get the account shielded from view if the DF fails to respond in time.

[akins503]

Responsibility for how something is reported falls on the Data Furnisher. The CA is responsible for their data. The OC is responsible only for how their TL reports, if at all.

The erroneous account type is a reason to dispute. You just may get lucky and get the account shielded from view if the DF fails to respond in time.

Every time I dispute it comes back verified.

[akins503]

I have a CA that is reporting as an installment account on experian or at least when I get my fico score it shows as an installment account. So I have a bunch of positive history with some 90 day lates thrown in. This is reporting hisory inaccurately correct? It also says the account will go to a positive status in 2011.

I just checked my fico w/experian the CA now has the account listed as a collection. Previously they had it as an installment. They had it as an installment for several months. I went from a 756 to a 678 fico. Would fico look at this account as a new collection since there were no collection listed when the account was viewed as an installment. I hope that made sense. It seems to me they are poisoning my credit. Basically they changed the account from installment to collection and my score almost dropped 80pts.

[akins503]

I just checked my fico w/experian the CA now has the account listed as a collection. Previously they had it as an installment. They had it as an installment for several months. I went from a 756 to a 678 fico. Would fico look at this account as a new collection since there were no collection listed when the account was viewed as an installment. I hope that made sense. It seems to me they are poisoning my credit. Basically they changed the account from installment to collection and my score almost dropped 80pts.

Anyone have any insight. Basically what happened is the account went from collection to an installment back to collection. When it was listed as installment it had about a year and a half of positive pay. Along with these changes came huge fico score changes up and down. I have been disputing it regularly but experian refuses to investigate insisting the account is be reported properly. They have aslo re aged the account , but that is a different issue.

[BMN]

In my opinion, the CA's like to do whatever they can to mess with a persons credit reports, many will report innacurate and false information on the hope that the consumer is ignorant of the FCRA laws and will do nothing about it.

I have been told that if a debt is purchased by a CA or JDB then they have to report what type of account it was before it was purchased but they can not report it as if the account is an installment to be paid to them, it has to be reported as a collection account and it can not be reported monthly like it could with the OC, except for amount owed with accumlative interest.

[Ahntara]

Installment is a type of account. A revolving account reported that way would be inaccurate, thus giving you a dispute reason.

Collection is the status, as in 'the account (whatever type) has gone into default'. If you have a CR with "collection accounts" lumped together in some kind of sub-category, that is unimportant. There are really only 4 sections of a CR: Accounts, Personal Data, Public Records and Inquiries. Your actual Consumer File doesn't have any distinctions between derogatory and positive-status accounts.

"...Would fico look at this account..."

FICO-based programs give significant deductions for any defaulted accounts with a recent 'date last reported'. The reporting date, plus any number of datafields in the TL (which indicate derogatory status) trigger these deductions. This can happen in response to your dispute, in response to payment or as a result of the DF's reporting policy.

"...collection to installment back to collection..."

This may seem to be how they have reported, but probably isn't. The reason has to do with DEFAULT. Once an account of any type defaults, the balance is due and payable in full. The creditor may accept partial payment(s) at their discretion, but certainly won't report these, as the entire sum is due, actually past-due.

If this account was an installment loan, upon default it became a defaulted installment account and should be reported as such by all DF's associated with it. If it was a revolving account, then that account type should follow this to a CA or JDB.