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Member
MTD333
Posts: 20
Registered: ‎07-31-2013
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ANOTHER CONSUMER FINANCE ACCOUNT!

Please assist.  I am receiving the following message as a negative on my account:

 

_______________

You have a consumer finance account on your credit report.

Number of consumer finance accounts on your credit reports accounts

Only 12% of FICO High Achievers [?] have a consumer finance account.

Consumer finance companies typically grant loans to people with poor credit histories. Their customers often cannot get loans from traditional lending companies such as banks or credit unions. These are often high-interest loans because the consumer finance company is assuming more risk by lending to people with less than perfect credit.

The fact that you have a consumer finance company loan on your credit report means that you represent a higher risk to lenders than someone with no consumer finance loans. Even if this consumer finance account is closed, it will still lower your FICO score. However, its impact on your score will lessen as time passes.

What to do about this: You should try to stay current with all of your payments and avoid opening any new credit accounts that you don't need.

_______________ 

 

Based on the definition, I have never had, nor do I have a consumer finance account.  I looked at other messages on this topic and one of the questions often asked was whether I had student loans.  I do have student loans, but none of them are labeled as CFAs.  My student loans have not been paid off and were borrowed in 2006-2009.  1) Who do I need to speak to to rectify this error? 2) What needs to be done to get this corrected? 3) How do I identify which accounts are being listed as such (all of the account descriptions say student loan)?

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: ANOTHER CONSUMER FINANCE ACCOUNT!

 

Generally the FICO score ding for "consumer finance" is relatively small.   It's likely referring to one of your revolving accounts.    What are the creditors listed as revolving accounts on your reports ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Member
MTD333
Posts: 20
Registered: ‎07-31-2013
0

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

[ Edited ]

I believe it is referring to my Sallie Mae accounts because they are listed as credit accounts (they are closed) even though they were student loans and not consumer finance accounts.  MyFICO is saying I have FOUR consumer finance accounts!!!!!  I have other student loans from sallie mae and they do not have the same designation.  Although the ding may be very minor, I am unhappy with the fact that it lists something that is innacurate and is not being reported by any of the other agencies on my credit report. 


I've seen that others have had the same issue in other forums, but it doesn't seem as if anyone has received a sufficient explanation as to how MyFico will fix the error.  When I contacted them, they claim that there is no error and they are listing the information exactly as they are receiving it from the credit bureaus.  However, I contacted each of the bureaus and pulled my reports directly from each one and they are not listing those Sallie Mae accounts as credit accounts--this is just with MyFico.

 

If anyone has a solution that would help in getting this fixed please let me know. 

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

 

What are the revolving accounts showing on your report ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Member
MTD333
Posts: 20
Registered: ‎07-31-2013
0

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

I have the following:

 

Citibank (2)

Chase

Amex

Victoria Secret

 

I have contacted all of these lenders and they have all confirmed they are not reporting as a consumer as a finance account. Is there anyone else who has had this issue?  If so, what were you able to have done about it?

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: ANOTHER CONSUMER FINANCE ACCOUNT!


MTD333 wrote:

I have the following:

 

Citibank (2)

Chase

Amex

Victoria Secret

 

I have contacted all of these lenders and they have all confirmed they are not reporting as a consumer as a finance account. Is there anyone else who has had this issue?  If so, what were you able to have done about it?


Is either one of the Citibank accounts a store / retail card ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Member
MTD333
Posts: 20
Registered: ‎07-31-2013
0

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

No the citis are credit cards--the only store card I have is Victoria Secret.  I have 4 Sallie Mae closed (paid in full) accounts.  The account number has an "F" at the end of it in MyFico, but that "F" is not listed with the account number on any of my credit reports from the bureaus.  Based on other postings in the forum, I am 100% certain that the issue is my Sallie Mae student loan accounts which MyFico is calling a credit account.  Unlike my other student loan accounts, there is no graduation hat next to the name of the lender; instead, it is a money bag.  My revolving accounts have a credit card next to them.

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: ANOTHER CONSUMER FINANCE ACCOUNT!


MTD333 wrote:

No the citis are credit cards--the only store card I have is Victoria Secret.  I have 4 Sallie Mae closed (paid in full) accounts.  The account number has an "F" at the end of it in MyFico, but that "F" is not listed with the account number on any of my credit reports from the bureaus.  Based on other postings in the forum, I am 100% certain that the issue is my Sallie Mae student loan accounts which MyFico is calling a credit account.  Unlike my other student loan accounts, there is no graduation hat next to the name of the lender; instead, it is a money bag.  My revolving accounts have a credit card next to them.


Would you be able to post the account Info as it appears on your reports ( masking any personal info ) ?    Also which score(s) from MyFICO is giving this message ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Member
MTD333
Posts: 20
Registered: ‎07-31-2013
0

Re: ANOTHER CONSUMER FINANCE ACCOUNT!

Unfortunately, I do not have the capaiblities to do this.  Are you a FICO customer service representative?

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: ANOTHER CONSUMER FINANCE ACCOUNT!


MTD333 wrote:

Unfortunately, I do not have the capaiblities to do this.  Are you a FICO customer service representative?


Nope, sorry I am not ~ I don't have any way to see your credit file.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

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