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Posted in Auto Loans
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hbKris10

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What is the definition of the "date opened" field on your credit report?
Is the "date opened" the date the contract became legally binding, or can the "date opened" reflect the date the creditor decided to "open" your account in their system? I have a creditor that opened an account and disbursed checks causing additional interest on our account prior to us agreeing to the terms of the loan and signing the paperwork. They are stating the only way to correct the dates on my credit report is to close the accounts all together and reopen them with corrected dates. I did dispute with one of the credit bureau's, but they just deleted my loan from my report. I wasn't looking for the account to be deleted, only the dates to be corrected. The creditor advised me that by correcting the dates, this will have a negative impact on my score?

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The only way that changing the dates would have a negative effect is if it lowed your average age of accounts.  The "Date Opened" is the date that the company shows you become a customer according to their records.  Much like a credit card approves your account but did not send you a card for two more weeks.  The creditor has the ability to correct the dates they reported if they so choose to do so.  If they say they have to close and reopen the account, it sounds suspicious to me.   This usually means you would have to pay current interest to date to close an account.

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