Gwen took out a loan to buy her car. She made payments every month for five years, without ever missing a payment or making a late payment. This is what that section of her credit report looks like:

Question

Gwen took out a loan to buy her car. She made payments every month for five years, without ever missing a payment or making a late payment. This is what that section of her credit report looks like:

NOTE: The account number has been redacted here.

INSTALLMENT ACCOUNTS

G = paid on time

X = no payment made

30/60/90 = number of days late

Capital City Financing

Account#: XXXXXX

11296 Peter Burnett Blvd, Sacramento, CA 95814

Date Opened: 06/22/2005

Last Payment Date: 06/15/2010

Responsibility: Individual

Last Payment Amount: $242.00

Type: Automobile

High Balance: $12,145

Status: Closed

Terms: $242 per month for 60 months

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2010

G

2009

G

2008

G

X

G

2007

G

2005

G

What should Gwen do?

(1 point)
Responses

She should get a better rate the next time she gets a car loan
She should get a better rate the next time she gets a car loan

She should be more careful about payments the next time she gets a car loan.
She should be more careful about payments the next time she gets a car loan.

She should get a better car next time she decides to purchase.
She should get a better car next time she decides to purchase.

She should get the erroneous missed payment corrected.

GPT-4o mini · Answer

Gwen should get the erroneous missed payment corrected.

The section of the credit report indicates that Gwen made all her payments on time for the duration of the loan, except for one instance in 2008 where it shows an "X" for no payment made. If this is incorrect and she indeed made all her payments, she should reach out to the credit reporting agency or the lender to dispute the error and have it corrected, as it could negatively impact her credit score.