Posted on: 04th Nov, 2008 01:32 pm
Why is my 2nd mortgage reported to the credit agency as "Installment account"?...In addition, can I get this disputed or changed to "Mortgage account"?
Is this normal, or a mistake on the bank's part? Anyone out there with this experience?
It is listed as "secured" and not as an auto loan. I, however, do not think this is enough. It may be pulling down my credit score.
-J-style
Is this normal, or a mistake on the bank's part? Anyone out there with this experience?
It is listed as "secured" and not as an auto loan. I, however, do not think this is enough. It may be pulling down my credit score.
-J-style
i don't see this as an issue, really. as long as you are making regular, scheduled payments, your score shouldn't be affected adversely.
of course, you can contact your lender and discuss it with them; perhaps there is a way in which they can make a change to how it's being reported.
of course, you can contact your lender and discuss it with them; perhaps there is a way in which they can make a change to how it's being reported.
Hi xjacksonx!
Welcome to forums!
You can have a word with the lender and see if the account can be changed from an "installment account" to a "mortgage account". Keep on making the regular payments and I don't think you will face any problem.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can have a word with the lender and see if the account can be changed from an "installment account" to a "mortgage account". Keep on making the regular payments and I don't think you will face any problem.
Feel free to ask if you have further queries.
Sussane
