Hey everyone. Can anyone with a Prosper are lending Club loan please comment. I would like to know how is your loan reported on your reports as in what type of loan is it? I ask because I got a Micro loan to try to establish business credit a few months ago. Cap1 offered me 10k but I was in no need of that much as cash flow is my biz was solid and at this time is not in need of much cash infusion so I said no I looked up smaller financing and came across a company called Accion East and they had a location here in nyc so I app got a loan for 3800 which I can pay off in no time pay off of 4090 for 19 months fico score at approval EQ 724. I had two payment since and decide to see if I can try for a Amex for the biz so I went to look at my ex report before I app. I notice a negative indicator that have the loan as a consumer financed loan which it says consumer financed loans are considered loans granted to people with bad credit and is considered risky by fico. It says the loan will be a negative indicator even if paid off well that's not good, then on the other hand the same loan is a positive indicator in my credit mix as I had no installment loans before just bank credit cards from cap1 penfed barclay discover and BofA. I'm curious to know how prosper and lending club loans are reported on your credit report? As I was approve for one of those but the interest was quite high which is why I went which this one prosper offered a 5940$ pay off in 36 months for the same 3800$ while Accion offered 4090$ for 19months for 3800$.
I don't have it on my reports to confirm 100%, but I just asked someone I trust and she told me it showed as an installment loan. She also said it reported on EX and TU, while she had it.
@VirtualCuriosity wrote:I don't have it on my reports to confirm 100%, but I just asked someone I trust and she told me it showed as an installment loan. She also said it reported on EX and TU, while she had it.
Ok but your not sure if it is a consumer finance installment? The. Accion loan shows as an installment but it has consumer finance there as well
@Smooth954 wrote:
@VirtualCuriosity wrote:I don't have it on my reports to confirm 100%, but I just asked someone I trust and she told me it showed as an installment loan. She also said it reported on EX and TU, while she had it.
Ok but your not sure if it is a consumer finance installment? The. Accion loan shows as an installment but it has consumer finance there as well
I haven't read of anyone's having it report as a consumer finance loan, it's just been a straight unsecured installment loan and usually people here would suggest if it had an awkward tag on it like your Accion does.
Good point @Revelate. I'm going to try to get in contact with Accion to see what that is all about.
It reports to all three for me as an unsecured installment loan.
How to Dispute Account Details Payment Status Creditor Contact Account Name LENDING CLUB Account Number 1741**** Condition Open Responsibility Individual Current Balance $9,025 Original Balance $9,025 Limit $0 Monthly Payment $281 Last Payment Status OK Term 36 months Loan Type Unsecured loan Opened 05/29/2014 Reported 07/30/2014 Remarks
Yea I'm going to see what can be done about it. I just got a prosper loan waiting for it to report so I can send my Accion rep a copy of what I'm seeing and she said it should be reported as a business installment loan with a personal guarantee. I try to explain to her that it's carrying a tag of consumer finance loan on EX and the credit impact section where the report explains what is helping my score and what it hurting my score has the negative impact siting the consumer finance loan status. So once my prosper loan reports I will get a updated cope of my EX report and show her what it says as she seemed confused to what I was trying to say to her.