I have student loans from one lender for two years of college... but for some reason, these loans are divided up into installments (as though each installment paid to the college was a separate loan, which they were not) on my credit report. So basically, I have 5 separate %26quot;accounts%26quot; with one lender. Isn't it detrimental to my FICO score to have so many separate items, or is that understood when the score is calculated?
Student loans showing up as 5 items on credit report... does it hurt my FICO score?
Yes, it's very bad to to have duplicate items on your credit report. The scoring system doesn't look at closely at them, and will assume they are different loans.
It's also illegal for them to post multiple items about the same loan.
So to get this cleared up, send a dispute letter to the credit bureau and point out they are duplicates. Also send letters to each person posting on your credit report, and tell them to delete any duplicate items.
Failure to clean these up can result in a lawsuit for $1000 for each duplicate item.
Student loans showing up as 5 items on credit report... does it hurt my FICO score?
Hard to say on a school loan, I know if you have multiple revolving credit accounts with balances that is bad.
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