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#531906 - 04/14/06 12:38 PM Credit Bureau rounding up $25,000 increments
Noopette Offline
Member
Noopette
Joined: Nov 2004
Posts: 76
We noticed that when we report to the credit bureau, they are rounding up the balance owed in $25,000 increments. We called and were told that they do it only for balances over $100,000. Their policy is to take balances from $100,001.00 and $124,999 to post them as $125,000. Balances of $200,001 to $249,000 to post as $250,000. They said we submitted correctly as $100,001, it was just their policy to round up to $125,000. That can really mess up someones credit!!! We don't have this in writing. Has anyone else experienced this? It seems wrong.

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#531907 - 04/14/06 01:56 PM Re: Credit Bureau rounding up $25,000 increments
02bonne Offline
Platinum Poster
Joined: Nov 2005
Posts: 620
That's odd, i've never seen that before. They've always reported exactly what information we have given them. I haven't underwritten in over a year though. Is this a new practice?

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#531908 - 04/14/06 02:00 PM Re: Credit Bureau rounding up $25,000 increments
TB 12 Offline
Power Poster
TB 12
Joined: Feb 2005
Posts: 6,559
Foxboro
I too have been out of U/W for a while, but I find that hard to believe...did they explain why they were doing that? As a consumer, I would be furious. That incorrect balance could really screw things up.
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#531909 - 04/14/06 02:14 PM Re: Credit Bureau rounding up $25,000 increments
Suwannee Offline
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Suwannee
Joined: Jun 2002
Posts: 641
Florida
You might want to check with the CDIA to see if this is allowed. I can see them rounding to the NEAREST dollar or hundred dollars, however, rounding to the nearest $25,000 could cause someone's credit scores to be severely impacted.
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#531910 - 04/14/06 02:17 PM Re: Credit Bureau rounding up $25,000 increments
Noopette Offline
Member
Noopette
Joined: Nov 2004
Posts: 76
We just noticed it recently. We reported a loan in the amount of $100,001. and it was on the bureau as $125,000. We called and were given this information. We asked to speak to someone higher up and got the same information. We're now trying to get that in writing. We also believe it's wrong. It doesn't take too many loans before a persons credit is inflated to a point where they are denied credit when they in fact should qualify for credit.

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