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04-29-2013 03:33 PM - edited 04-29-2013 03:34 PM
Personally, I think it is because many of their main customers, who are farmers, operate as sole proprietors and use their personal name or SSN.
CaseIH Credit on the other hand reports EVERYTHING. I used to have primarily Case Equipment, and evey note showed on my personal credit. When you have several hundred thousand dollars of business debt obligations(equip installment notes and parts revolving accts) showing on your personal report it makes mortgages & credit apps a nightmare. You can have perfect credit and have a 680 score for obsessive obligations. Imagine applying for a CC putting 50k as household income and they pull your credit and show $85,000 worth of installment payments due.
My score never topped 700 till I switched to a LLC and all those Case notes showed payed. Now only my house, vehicles and CC show on my report. My hope is someone high up in JD realizes this and continues their current non-reporting policy. As most customers are farmers and would be adversely affected by their reporting.
Some additional info, they typically check TU, are very lienient on credit especially with a history with them regardless of score.
04-30-2013 09:44 AM
Here is John Deere's answer to my email:
Thank you for your email. John Deere Financial has made the business decision to discontinue reporting to the three major credit bureau agencies. We apologize for any inconvenience this may cause.
If you are applying for credit with another company, we would be happy to provide a credit reference with your permission. Written requests for a credit reference may be submitted via fax to 800-592-5291. A response will be sent within 24-48 hours.
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