Re: What are consumer finance accounts?
03-30-2012 09:01 AM
Our credit union offers a "FICO" score monthly via only banking services. For the first time, it says:
"You recently opened a new credit account." - I have not.
"You have a consumer finance account on your credit report.
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.