I just had a conversation with some lending centers that many people have in the past identified as putting CFL (Consumer Finance Loans) titles on their credit reports. This is what I hear from all lenders alike. Among the included were Citi Financial and Citi Bank too.
LENDING CENTER INSTALLMENT LOANS
I believe Consumer Finance Title is for anyone who takes out a loan to pay off other debt with the exception of a mortgage or auto loan (unless combining multiple auto loans but not always and other factors can change this too)
If you take out a loan to pay credit cards, combine installments, or other debt that you need to combine or consolidate ** and the lender pays off debt for you, ** lender makes the check payable to another lender, ** if you tell them it is to consolidate bills, or even just to have extra cash (which could be considered a cash advance installment) the lender can choose these option titles in the computer which report CFL.
These same companies have told me no, we don't have to submit them as CFL. If you take out a loan to improve your home, or a personal loan for a project.. ie home improvement, a car loan, ect it is titled with a different source code. Citi Financial told me over the phone that they do offer non CFL loans too, just that mostly all customers come to them for consolidation type loans.
RETAIL INSTALLMENT LOANS
These bug me. I don't think they should be considered CFLs but I guess the large number of people that have retail loans (installments for beds, ect) also have other similar behaver on their credit reports. Retail Loans are generally CFL. Many retailers found out that if they call it a credit card and put the installment payments under revolving they get away with not being identified as CFL.. I am sure you have seen deals like this before and wondered why they put the loan on a credit card... This is one possibility for a reason why.
So lenders say they do both CFL and regular titled installments. I think the only way we can get to the bottom of this is for people who have CFL identifications on there credit report to post here to help all of us.
If you have a CFL on your credit reports please answer these 3 questions.
1. What lender put a CFL on your credit report?
2. What specif reason was the loan used for?
3. Who did the money go to, payable to you or another lender?
I am willing to bet that very few people if any will have CFL titles even from lenders that are known for CFLs for non cash, non consolidation type loans. BUT IF YOU DO please post too. I think this will put this issue to rest.
If you have taken credit from places like DELL for computers did they report as installment, revolving, CFL, ect. Lets find out who is CR friendly and who is not. But mostly this thread is about lending centers not Retail loans.
Thank you.
Message Edited by ilovepizza on 04-16-2008 03:28 PM
LENDING CENTER INSTALLMENT LOANS
I believe Consumer Finance Title is for anyone who takes out a loan to pay off other debt with the exception of a mortgage or auto loan (unless combining multiple auto loans but not always and other factors can change this too)
If you take out a loan to pay credit cards, combine installments, or other debt that you need to combine or consolidate ** and the lender pays off debt for you, ** lender makes the check payable to another lender, ** if you tell them it is to consolidate bills, or even just to have extra cash (which could be considered a cash advance installment) the lender can choose these option titles in the computer which report CFL.
These same companies have told me no, we don't have to submit them as CFL. If you take out a loan to improve your home, or a personal loan for a project.. ie home improvement, a car loan, ect it is titled with a different source code. Citi Financial told me over the phone that they do offer non CFL loans too, just that mostly all customers come to them for consolidation type loans.
RETAIL INSTALLMENT LOANS
These bug me. I don't think they should be considered CFLs but I guess the large number of people that have retail loans (installments for beds, ect) also have other similar behaver on their credit reports. Retail Loans are generally CFL. Many retailers found out that if they call it a credit card and put the installment payments under revolving they get away with not being identified as CFL.. I am sure you have seen deals like this before and wondered why they put the loan on a credit card... This is one possibility for a reason why.
So lenders say they do both CFL and regular titled installments. I think the only way we can get to the bottom of this is for people who have CFL identifications on there credit report to post here to help all of us.
If you have a CFL on your credit reports please answer these 3 questions.
1. What lender put a CFL on your credit report?
2. What specif reason was the loan used for?
3. Who did the money go to, payable to you or another lender?
I am willing to bet that very few people if any will have CFL titles even from lenders that are known for CFLs for non cash, non consolidation type loans. BUT IF YOU DO please post too. I think this will put this issue to rest.
If you have taken credit from places like DELL for computers did they report as installment, revolving, CFL, ect. Lets find out who is CR friendly and who is not. But mostly this thread is about lending centers not Retail loans.
Thank you.
Message Edited by ilovepizza on 04-16-2008 03:28 PM
