Equifax is reporting a recent consumer finance account being added but....

[Anonymous]

I can't find it, I have scrubbed through every trade line comparing to previous reports that didn't have that indicator and am having no luck in figuring out why it's being triggered.

all of my revolvers are loan type charge or credit card

i have a mortgage, equity loan and car loan

any thoughts ?

[Anonymous]

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@Anonymous wrote:

I can't find it, I have scrubbed through every trade line comparing to previous reports that didn't have that indicator and am having no luck in figuring out why it's being triggered.

all of my revolvers are loan type charge or credit card

i have a mortgage, equity loan and car loan

any thoughts ?

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You have a revolving account that is of loan type?  I am not sure how that is possible.  A loan is an installment account, not a revolving account.

Perhaps you could tell the folks here the exact name of the creditors and all other "type" info for your accounts, as they appear on your EX report.  Then they may be able to help you better

The fact that this reason code is one you haven't seen before doesn't necessarily mean that the report has changed.  The CFA might have always been there and causing a score hit, but in comparison EX felt like there were other things hurting your score more.

[Anonymous]

Ok under score factors for Equifax (I mistakingly thought it was Experian)

The comment says

"You have a consumer finance account on your credit report"

This does not appear on either of the other two, And just by chance Equifax mortgage Fico is significantly lower than the other two which is why this caught my eye.

This is my revolving and open ended accounts

Syncb/Care Credit open

Loan type Charge Account

Capital One Bank open

Loan type Credit Card

Syncb/Lumber Liquidatoers closed

Loan type Charge Card

Citicard closed

Loan type Credit Card

Capital One/Best Buy closed

Loan type Charge Account

Bank Of america closed

Credit Card

Chase Card closed

Credit Card

Bank of america closed

Credit Card

Chase Card closed

Credit Card

My Installment accounts

Capital one auto finance open

Loan type Vehicle Loan

Chase Mtg open (only reporting on Experian) this is my equity loan

Loan Type Unkown

Captial One Auto finance closed

Loan type Vehicle Loan

Mortgage Accounts

Chase Mtg closed

Loan type Mortgage

Seterus open

Loan type Mortgage

Chase Mtg closed

Loan type Mortgage

Chase Bank Open (this is my equity loan) being reported on Equifax and Transunion, my Experian of this is up in installment loans not morgage, does this make a difference?

Loan type Mortgage

[Revelate]

Anecdotally Equifax seems to care more about CFA's or similar, I have that reason code on my EQ FICO 5 for years and not on either EX or TU.

The Sync or C1 charge cards (read as retail / store cards in this instance) might carry a CFA tag, the rest don't make any sense other than I've never heard of Seterus previously but that doesn't mean anything.

I had a singleton Wally card issued by Synchrony, and I do have a CFA tag on EQ... but I also had a stupid installment loan from Cashcall on it as well, and I'm not certain which of the two accounts is getting flagged as a CFA though I'm positive it's one of the two.

[Anonymous]

Ok so I just tripple checked.

The derrogatory scoring factor only comes up on the equifax mortgage fico score when I look at the negative indicators..which I still think is why my mortgage fico is 30 points less than the other two.

[DollyLama]

When I look at mine, it's the LOAN TYPE -thinking it is your Chase- as that is stated as unknown on LOAN TYPE, the rest of yours are stated as mortgage or vehicle. 

[Anonymous]

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@DollyLama wrote:

When I look at mine, it's the LOAN TYPE -thinking it is your Chase- as that is stated as unknown on LOAN TYPE, the rest of yours are stated as mortgage or vehicle. 

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I am guessing that the offending account is not the Chase equity loan, because the Chase is reporting only on Experian.  Although the OP initially says he is getting CFA reason code on Experian, he corrects himself later and says that the reason code appears only on Equifax.

Revelate says that he's had a Walmart card that he believes might be being tagged as a CFA.  If credit cards cards can be tagged as CFAs, then the OP should probably list the details on all his closed cards (something he does not do).

[Revelate]

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@DollyLama wrote:

When I look at mine, it's the LOAN TYPE -thinking it is your Chase- as that is stated as unknown on LOAN TYPE, the rest of yours are stated as mortgage or vehicle. 

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That's probably an artifact of third party presentation / interpretation.  It is vanishingly unlikely that a Chase Mortgage / HELOC is CFA .  Also Chase just recently (within the last few months) started recoding their mortgage products / inquiries as Chase MTG, their tradeline updates might still be in flight.

Also at least in other elements of FICO (inquiries) looks like FICO may give the benefit of the doubt when it's not clear (Miscellaneous), would be a big surprise to see something different... especially given how bad some reporting data happens to be.  Busted tradelines can get discounted too, disputes as well, for other incidences of the algorithms treatment of things which aren't explicit.

[Anonymous]

I think I figured it out.

I have a synchrony/lumber liquidators trade line. I thought it was being treated as a charge card but I think when we bought the wood flooring it was opened up as an installment loan for the balance on what we purchased. I'm betting that trade line is being treated as a CFA. I have been cleaning up my credit report and suspect I got rid of a much worse derogatory and the CFA popped up next in line..

[Anonymous]

There is no credit limit listed in the trade line.