Auto Lender Reports Payoff Balance Causing Phantom Credit Score Drop
Auto lenders sometimes report a payoff balance (which includes interest) rather than the current principal balance, causing the credit bureaus to register an apparent balance increase on an account where payments are current. A small reporting discrepancy of $160 triggered a measurable credit score drop despite a perfect payment history. Consumers have no way to monitor or correct what data creditors transmit to bureaus between billing cycles.
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