Consumer Finance Account

[Slabenstein]

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@JL276 wrote:

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@Anonymous wrote:

I was wondering what this meant too. I noticed my Personal Finance balance has gone down. I have no idea what account is referring to. 

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Do you have an auto loan that's not through a bank or credit union? (Usually 0% dealer financing). 

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They can also be retail financing (e.g. at a furniture or matress store) and subprime personal loans, among other things.  A CFA is basically any installment loan where the lender is an entity that doesn't take deposits (unlike a bank or credit union).  So one way you might be able to find out would be to get your ACRs and then google the lender for each installment trade line and see whether they offer deposit accounts or not.

[Anonymous]

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@Slabenstein wrote:

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@JL276 wrote:

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@Anonymous wrote:

I was wondering what this meant too. I noticed my Personal Finance balance has gone down. I have no idea what account is referring to. 

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Do you have an auto loan that's not through a bank or credit union? (Usually 0% dealer financing). 

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They can also be retail financing (e.g. at a furniture or matress store) and subprime personal loans, among other things.  A CFA is basically any installment loan where the lender is an entity that doesn't take deposits (unlike a bank or credit union).  So one way you might be able to find out would be to get your ACRs and then google the lender for each installment trade line and see whether they offer deposit accounts or not.

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That doesn't always hold true.  Ally which codes as a CFA for me, offers plenty of things including deposit accounts.  There are also members here that financed a car through Honda.  Most of those loans didn't get coded as a CFA while others have.  There is also a difference between bureaus.  For example, Ally only codes as a CFA on Experian for me while TU and EQ doesn't report the loan that way.  Why?  I don't know.

[Anonymous]

I looked early and I have a loan thru marnier finance. That's what's coming up for this label. Thanks I was so lost.

[GoldenloveNY]

I was pre-approved for a loan via Upstart, however I read somewhere that it codes as CFA and that usually a bad thing. However, why is it a bad thing for a CFA to report on your credit? Does it decreased your credit score? Do lenders look at it unfavorably if they see it on your report?

Thanks

[Gat]

I took out an affirm loan thinking the report of payments to Experian would be a plus...but it's reported as a consumer finance loan which evidently is a negative to credit card companies 

[AzCreditGuy]

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@GoldenloveNY wrote:

I was pre-approved for a loan via Upstart, however I read somewhere that it codes as CFA and that usually a bad thing. However, why is it a bad thing for a CFA to report on your credit? Does it decreased your credit score? Do lenders look at it unfavorably if they see it on your report?

Thanks

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@GoldenloveNYI would stay away from upstart or those modern lenders that the old FICO system is too set in ways to change its CFA coding. I got a SOFI for a personal loan and I have a CFA code, like this thread has mentioned the CFA is for true consumers that have bard credit or issues getting credit. In my case I made the made the mistake of not getting an old school bank loan and for that I an being punished by having pts withheld from my scores. Do you think I care?