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CJSmith241
Posts: 4
Registered: ‎03-16-2007
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what exactly is a consumer finance company account?

[ Edited ]
On my Experian report, it says that one of the reasons why my score is the way it is, is because I have a high number of consumer finance company accounts being reported.  It never said this until a few months ago.  I only have three credit cards,  a student loan and a car loan from Toyota Financial.  Is this what they are talking about?  Thanks for your replies.


Message Edited by CJSmith241 on 04-15-2007 07:46 PM
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Brammy
Posts: 5,436
Registered: ‎03-10-2007
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Re: what exactly is a consumer finance company account?



CJSmith241 wrote:
On my Experian report, it says that one of the reasons why my score is the way it is, is because I have a high number of consumer finance company accounts being reported.  It never said this until a few months ago.  I only have three credit cards,  a student loan and a car loan from Toyota Financial.  Is this what they are talking about?  Thanks for your replies.


Message Edited by CJSmith241 on 04-15-2007 07:46 PM

 
Toyaota financial is neither a bank or credit card so it may be interpreted as a CF.  Though I wouldn't expect that.  The reasons change a lot depending on the impact to the score.  Usually CF are finance companies like Beneficial or Citifinancial.  It may just be showing up now because before there were other factors that weighed more heavily.  Do you have any finance company accounts on your reports?

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CJSmith241
Posts: 4
Registered: ‎03-16-2007
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Re: what exactly is a consumer finance company account?

Hmm, the only thing I could think of was a loan I had about ten years ago that was with Associates Financial and then sold to Wells Fargo Financial.  I had a Citibank card but that was a credit card.  Would those loan accounts be causing that negative.  I wouldn't think it would be since it was so long ago.  My score is 709 so it can't be that horrible right?
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Brammy
Posts: 5,436
Registered: ‎03-10-2007
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Re: what exactly is a consumer finance company account?

If thats a ll there is you really have nothing to worry about.  It won't hurt your score too much but if it detects even one if it cant find anything worse, it will point that out.  Not like its an actual NEGATIVE.
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jaker
Posts: 1
Registered: ‎01-31-2008
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Re: what exactly is a consumer finance company account?

I can not figure out which account is a "consumer finance account". Is it noted somewhere?. We have a couple CC that have "REV" (along with the "Revolving Account" notation) listed . All we have is several cards (all zero balance) and many mortgages (rental properties) and the Electric company (Detoit Edison) is on there too, no auto loans, no collections, etc ever.
Could it be?
-a Discover Fin Sevs or a Citi card (has that REV by it)
-Ikea card (has the REV by it)
-DTE Energy (under "Account Type" is says "Unknown- credit extension, Review,or Collection")
Thanks
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: what exactly is a consumer finance company account?

Hi, welcome to the forums! Did you get a flag or message about having a consumer finance account? Not everyone has them.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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fishbjc
Posts: 3,381
Registered: ‎11-30-2007
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Re: what exactly is a consumer finance company account?

 I keep hearing Finance companies are BAD on your FICO.  Hitting the annuity interest instead. 
 
DH doesn't have any and I have two, one of which is ALMOST PAID OFF...FINALLY!

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