What exactly is a consumer finance account?

[Anonymous]

So my dw gets her fico here and one of the negative information items is that she has a consumer finance account on her credit report.  What exactly is that?  Looking at all of the accounts on the report, nothing is described as that.  Is there a way to figure out which one it is?
Thanks!

[Anonymous]

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KC_Baker wrote:

So my dw gets her fico here and one of the negative information items is that she has a consumer finance account on her credit report.  What exactly is that?  Looking at all of the accounts on the report, nothing is described as that.  Is there a way to figure out which one it is?
Thanks!

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Look for a creditor that has "finance or financial" in their name.

Yes, the presence of a CFL is used as a negative factor, but their long term effect outweighs any negative, as long as they are positive TL.

[Anonymous]

I have the same problem, but it is only with my experian report my equifax report lists all the same accounts but doesn't mention the consumer finance problem.  All of the accounts are from either major banks or credit unions.  How do I determine which account experian thinks is consumer finance and dispute it?

[Anonymous]

Good question.  I, too, have recently run into this issue.  DH and I just got a new insurance policy.  The provider sent us a letter stating that we are not getting the best rates and that one of the factors is the presence of consumer finance accounts on CR (not sure which, mine or his).  Anyway, neither of us has anything that should be considered consumer finance accounts.  I have student loans and credit cards, and he only has credit cards.  What could this be?

[haulingthescoreup]

TU has an annoying way of coding student loans as CFL's, or at any rate, this happens to some people. (Why yes, you freakin' idiots, I used my loan money to furnish my living room. )

I'd call the agent and ask to go over the report together, to see what else it might be. If s/he doesn't see any other likely targets, you can either try to get the better rates, or else you get to go up against TU or your SL provider.

I can't remember if anyone has tried to fight this before; with luck someone with direct experience will post.

[Anonymous]

Yep-

TU and EQ recently fixed my SL's so they are no longer reporting as CFL's.

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haulingthescoreup wrote:
TU has an annoying way of coding student loans as CFL's, or at any rate, this happens to some people. (Why yes, you freakin' idiots, I used my loan money to furnish my living room. )

I'd call the agent and ask to go over the report together, to see what else it might be. If s/he doesn't see any other likely targets, you can either try to get the better rates, or else you get to go up against TU or your SL provider.

I can't remember if anyone has tried to fight this before; with luck someone with direct experience will post.

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[Anonymous]

Did you scores change when you went from having CFL to not having CFL?

I just wonder what kind of ding(if any) the score actually gets for these.

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Timothy wrote:

Yep-

TU and EQ recently fixed my SL's so they are no longer reporting as CFL's.

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haulingthescoreup wrote:
TU has an annoying way of coding student loans as CFL's, or at any rate, this happens to some people. (Why yes, you freakin' idiots, I used my loan money to furnish my living room. )

I'd call the agent and ask to go over the report together, to see what else it might be. If s/he doesn't see any other likely targets, you can either try to get the better rates, or else you get to go up against TU or your SL provider.

I can't remember if anyone has tried to fight this before; with luck someone with direct experience will post.

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[Anonymous]

it's really too hard to tell-

I have/had lots of changes going on- and I still have 1 CFL present (TU and EQ only)

So I am guessing No change from the reporting.

[haulingthescoreup]

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@Anonymous wrote:

Yep-

TU and EQ recently fixed my SL's so they are no longer reporting as CFL's.

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How'd you do this?

I have a comment on my (shhh) TrueCredit FAKO's about TU saying that I have too many CFL's. Like you, I have one for-real CFL, but I'm thinking that my two whole paid SL's are triggering this. I don't consider this FAKO advice important, but since it was a TU comment on a TC report, it made me think, hmmmm.

[Anonymous]

I have No idea-

I just happened-

Also made the lates on these SL's a year older on TU- (Dec 05 instead of Oct 06)

This was right around the time they closed my open SL's and sold to ACS