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Reporting to only 1 credit bureau?

Just1Starfish
New Contributor

Reporting to only 1 credit bureau?

Hello,

 

if I have accounts thare are only reporting to one credit bureau, is there a way I can get them to report to the others? They are all positive accounts and not being on the others is driving those scores down.  Thanks!

Planted the garden: 11/1/2018
See what grows: 5/1/2019
Message 1 of 7
6 REPLIES 6
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Reporting to only 1 credit bureau?

No, it's the lender's choice who they report to.




Message 2 of 7
OmarGB9
Community Leader
Super Contributor

Re: Reporting to only 1 credit bureau?


@Brian_Earl_Spilner wrote:

No, it's the lender's choice who they report to.


This is true, but OP, I suppose you could try contacting the lender and asking if they could also report to the other 2 bureaus.

 

What creditor in particular are we talking about?


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Message 3 of 7
Just1Starfish
New Contributor

Re: Reporting to only 1 credit bureau?

The lender is Affirm.  I have many accounts with them that are paid in full and in good standing, and they are only reporting to TU.  My TU score is the highest by about 20 pts, and that's the only difference I can find. 

 

 

Planted the garden: 11/1/2018
See what grows: 5/1/2019
Message 4 of 7
LaHossBoss
Senior Contributor

Re: Reporting to only 1 credit bureau?


@Just1Starfish wrote:

The lender is Affirm.  I have many accounts with them that are paid in full and in good standing, and they are only reporting to TU.  My TU score is the highest by about 20 pts, and that's the only difference I can find. 

 

 


If they only report to TU, that is only who the report to. Especially being paid and closed, there is little chance. Affirm loans are also CFAs (consumer finance accounts), so you are dodging a bullet on two of the bureaus there. Do you not have any other installment loans that report to the other bureaus? That may be what is holding your scores back some, though, hard to tell with limited info.

 




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Message 5 of 7
Sandman771
Valued Contributor

Re: Reporting to only 1 credit bureau?

@LaHossBoss can you elaborate on CFA's being bad? Thank you. 

 

 

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Message 6 of 7
LaHossBoss
Senior Contributor

Re: Reporting to only 1 credit bureau?

CFAs are "considered" loans that have looser standards or are directly through a manufacturer and not a bank and some scores are penalized for this. The impact last until they age off (not just closed/paid off), even if entirely positive, which would generally be 10 years after they are closed.

 

I feel like they are profile dependent. Some may be impacted more by theur presence than others and certain scores may be impacted more than others.

 

It is hard to find many datapoints because of how long you have to wait for them coming off to see the difference, but I saw it first hand for myself and my SO.

 

I gained +/- 20pt and my SO gained +/-30-40pts when they aged off (all entirely positive accounts).

 

We are on dirty scorecards, so more likely the targets of this type of product (though silly because many people benefit from it), so perhaps we are penalized more.

 

These include student loans (our situation), auto loans, and other types of loans, especially like Affirm, or even just personal loans. It will only be installment loans and not credit cards.

 

There is lots of discussion if you search for CFAs in the forum.

 

 




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 651] [EQ5 684] [VS3 630] | TU [F8 717] [F9 692] [TU4 723] [VS3 639] | EX [F8 718] [F9 673] [EX2 681] [VS3 675]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 661] [F9 622] [EQ5 677] [VS3 646] | TU [F8 705] [F9 673] [TU4 639] [VS3 627] [VS4 666] | EX [F8 719] [F9 708] [EX2 679] [VS3 665]
Goal Score: 670 [X] TU [X] EX


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Message 7 of 7
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