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New Member
Posts: 2
Registered: ‎06-25-2007
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HOW TO ID A CONSUMER FINANCE ACCOUNT?

Hello fellow "credit enhusiasts",
 
1 of the negative items noted here about my credit is that I have a "consumer finance" account (and that it didn't matter if it were closed). 
  • Is there a way to differentiate an account of this type?
  • Why does it make such a difference (espcially in the face of all the other good credit risk indicators)?  I know creditors see it as kinda "guilt by association" given a cnosumer credit co.'s normally "high-risk" clientelle (1 indicator being the higher interest rates), but the loans that I can think of all had lower interest rates than a standard credit card; it was actually a better deal!
  • Are there any other account types that are viewed by whatever formulas they use as damaging?  Maybe we could get a list in "damage" order (perhaps from a moderator)?  I know about revolving accounts, etc.

Thanks!

Senior Contributor
Posts: 4,635
Registered: ‎03-11-2007
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Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
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Re: HOW TO ID A CONSUMER FINANCE ACCOUNT?

Also TransUnion *may* post a comment on the bottom left for account type : Consumer Finance instead of Revolving or Installment.

I write *may* since I don't have any CFAs, so I haven't seen if TU notes this, but worth a look see.
If we never set higher goals we would never get as far.
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