Can I dispute on my credit reports when the original loan amount is different on each credit report?
Recently, a viewer on our Youtube channel asked about a discrepancy with their auto loan.
The past due amount showed the same on all three reports. However, the original loan amount was different on each report.
Equifax says $8,000, TransUnion says $11,000, and Experian says $9,000.
This problem can happen with any type of loan.
What can we do about this?
This is a negative account, so we would be interested in getting this off the report. But is this a basis to dispute?
Absolutely, it is.
The accuracy of the original loan amount is important.
This specific type of loan is different from a credit card. It is a “closed-in” loan.
It is not open-ended like a credit card.
This loan is locked into set payments over the course of 24 months, 36 months, or whatever the agreement is.
You start with that original loan amount and that original amount does not change.
The original loan amount is a fixed number.
It is important because they are reporting it.
If they are reporting the original loan amount, it needs to be accurate.
If the bureaus are not consistent, you have a fantastic reason to dispute.
I prefer to send one dispute to all three bureaus.
Tell them they are reporting on this loan, but that the bureaus show a different amount for the original loan amount.
Which one is it? There can only be one correct answer.
I’m not asking for 95%. I want complete accuracy.
This means each bureau must be accurate and also 100% consistent with this amount.
If this is not possible, then they should delete the account.
Occasionally, we decide to keep an account because the age of the account is actually helping us.
So be sure to take a look at what you are doing before making this decision. Make sure you are good with them deleting the account if it can’t be fixed.
If you ask for them to delete it, then you can’t complain if they delete it.
If the bureaus are reporting inconsistently on something that should have only one right answer, it should be fixed.
There is only one original loan amount. There is only one date of last payment.
Some other things may vary, like the date of reporting or the date of last activity. Typically, most of the information should be consistent across your reports.
If there is a late payment in January of 2019 on Equifax, then Experian and Transunion should also show that. If they don’t, then someone is wrong.
Either you weren’t late or all the bureaus should show you as late.
Before you submit your dispute, think about what you are doing.
Ask yourself, “Am I okay with the credit bureaus fixing this? If they don’t fix it, am I good with them deleting it?”
If the answer is “no”, then do not submit a dispute.
Remember, the way the credit law is supposed to work is that if they cannot verify and fix the problem, they have to delete it.
Make sure you are good with them fixing it or deleting it before submitting your dispute.
Check your credit reports to see what the bureaus are reporting.
Pull these reports. Save them to PDF. Review them.
Look for these discrepancies and take appropriate action.
If you live in Alabama and you have any questions, feel free to get in touch with us.
We would be glad to help you in any way we can.
You can reach us by phone at 1-205-879-2447, or you can fill out a contact form and we will get in touch with you quickly.
Thanks for reading, and have a great day!