When looking at my Mortgage scores, one of the negative reasons they give is that I have a Consumer Finance Account on my reports. I don't really know which one of my accounts is the CFA, but I think it might be my CIG Financial account, which was a car loan from one of those crappy dealerships. Anyways, if I were to call CIG Financial and ask them if they were a CFA, would they be able to tell me? Do these companies know that they're going to report as a CFA?
What's a CFA?!
@Girlzilla88 wrote:What's a CFA?!
It's short for Consumer Finance Account. I just double checked that page, and CFA is not on there. But it is a really helpful page otherwise. 
@LakeLife wrote:
It's short for Consumer Finance Account. I just double checked that page, and CFA is not on there. But it is a really helpful page otherwise.
Its there as a CFL but I added the AkA of CFA.
Oh great! Apparently Honda Financial is a CFA, too. When I bought my car last year, I was originally approved through Capital One and then the dealership called me and said they got me a lower rate through Honda Financial lol. Looks like that reason code will be sticking around for the next couple of years until I pay my car off.
@Queen_Etherea wrote:Oh great! Apparently Honda Financial is a CFA, too. When I bought my car last year, I was originally approved through Capital One and then the dealership called me and said they got me a lower rate through Honda Financial lol. Looks like that reason code will be sticking around for the next couple of years until I pay my car off.
A CFA for a car loan and especially one that is an arm of a manufacturer is not looked at like one would be if you walked into a local place that offered high rate personal loans like AVCO Financial used to do and others out there as well.