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Which is the CFA?

LaHossBoss
Valued Contributor

Which is the CFA?

So only my EQ lists a negative reason code of having a CFA on my CR.

 

I find this interesting because only 1 very old and closed account is listed only on my EQ CR when comparing all 3, but it seems like it could not be the culprit: Plains Commerce Bank.

 

This account is so old I do not remember what the name of the CC was, but it could have been "Total Visa" when I googled CCs of their's. The only thing listed on my EQ is the name of the bank.

 

So then I considered maybe the CFA reason code was buried under other negative reason codes for the other bureau(s), but it still boggles my mind because these are all the accounts on my EQ report:

 

Revolving Accounts:

*Comenity Bank/Williams Sonoma (open)(Charge Account)

*Comenity Bank/Victoria's Secret (open)(Charge Account)

*Capital One Bank USA (open)(Credit Card)

*WebBank/Fingerhut (closed)(Charge Account)

*Plains Commerce Bank/? (closed)(Credit Card)

Installment Accounts:

*US Dept of ED x 4 / SLs (closed)(CAs)(Education Loan)

*Lead Bank/Self Lender (closed)(Secured)

*FedLoan x 4 / SLs (closed)(COs)(Education Loan)

*NMSL x 4 / SLs (closed)(Education Loan)

*NMSLGC x 5 / SLs (closed)(CAs)

Other Accounts:

*NCB Management (closed)(CA)(Debt Buyer Account)

*ECMC x 2 / SLs (closed)(CAs)(Education Loan)

Collection Accounts:

*RA Rogers/Credit Union (CA)

*Transworld x 2 / Medical (CAs)

 

Which do you all think is the CFA? Sorry, I included everything in my EQ CR to be thorough.

 

Plains Commerce Bank *should* age off 11/2021, so it will still be a bit before I know if they, are in fact, the culprit.

 

Honestly after much thought I really don't think it could be any of them, making this even more mysterious as to what codes as a CFA.

 

Last thought is it could possibly be Fingerhut/WebBank? Or perhaps US Dept of ED - which is my defaulted SLs (CAs)? Or any/all the defaulted SLs? Or SLs through the State?

 

I am at a loss and just curious what you all believe it could be, as I always feel like CFAs can be a hot topic and since they don't tell us exactly which is one, that we need to figure this out on our own to maybe help others.

 

Thanks!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 2•21 | EQ [F8 640] [F9 645] [EQ5 678] [VS3 651] | TU [F8 611] [F9 595] [TU4 629] [VS3 605] | EX [F8 612] [F9 651] [EX2 628] [VS3 589]
Goal Score: 670


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 2•21 | EQ [F8 665] [F9 659] [EQ5 657] [VS3 655] | TU [F8 673] [F9 659] [TU4 644] [VS3 674] [VS4 658] | EX [F8 659] [F9 664] [EX2 638] [VS3 680]
Goal Score: 670 [X] TU


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Message 1 of 14
13 REPLIES 13
Overmedicated
Community Leader
Valued Contributor

Re: Which is the CFA?

CFAs cannot be revolving accounts.  It is one of the installments that is being labeled a CFA.

 FICO 8
Message 2 of 14
LaHossBoss
Valued Contributor

Re: Which is the CFA?


@Overmedicated wrote:

CFAs cannot be revolving accounts.  It is one of the installments that is being labeled a CFA.


I listed them all because it is bizzare. I guess it is one of the Federal SLs, then! Who would have thought!?

 

The code only comes up on EQ and the only account that is only on EQ is Plains Commerce, that is why I was puzzled about how it could possiboy be that account. Is there somewhere that states that it is exclusive and can only be an installment account? Not doubting you, but curious.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 2•21 | EQ [F8 640] [F9 645] [EQ5 678] [VS3 651] | TU [F8 611] [F9 595] [TU4 629] [VS3 605] | EX [F8 612] [F9 651] [EX2 628] [VS3 589]
Goal Score: 670


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 2•21 | EQ [F8 665] [F9 659] [EQ5 657] [VS3 655] | TU [F8 673] [F9 659] [TU4 644] [VS3 674] [VS4 658] | EX [F8 659] [F9 664] [EX2 638] [VS3 680]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge



Message 3 of 14
Overmedicated
Community Leader
Valued Contributor

Re: Which is the CFA?

Metro 2 is the standard type of format that financial institutions report information to the credit bureaus.  The Credit Reporting Resource Guide contains the information on how to use this format to report.  Feel free to Google both Metro 2 and the CRRG if you really wanted to dive deep into your answer.  Here is your answer summed up.

 

A Consumer Finance Account code/designation is provided in the Credit Reporting Resource Guide only for Portfolio Types that are installment loans.   See Exhibit 1 of the Credit Reporting Resource Guide for permissible Account Type field codes for each Portfolio Type. 

 

There is no Account Type of consumer finance account under a Portfolio Type of revolving credit.

 FICO 8
Message 4 of 14
ChemE_Bear
Regular Contributor

Re: Which is the CFA?

My federal student loans are also listed as CFAs


@LaHossBoss wrote:

@Overmedicated wrote:

CFAs cannot be revolving accounts.  It is one of the installments that is being labeled a CFA.


I listed them all because it is bizzare. I guess it is one of the Federal SLs, then! Who would have thought!?

 

The code only comes up on EQ and the only account that is only on EQ is Plains Commerce, that is why I was puzzled about how it could possiboy be that account. Is there somewhere that states that it is exclusive and can only be an installment account? Not doubting you, but curious.


 

Fico8 1/20:
Fico8 12/20:
AU:
Message 5 of 14
LaHossBoss
Valued Contributor

Re: Which is the CFA?


@ChemE_Bear wrote:

My federal student loans are also listed as CFAs


@LaHossBoss wrote:

@Overmedicated wrote:

CFAs cannot be revolving accounts.  It is one of the installments that is being labeled a CFA.


I listed them all because it is bizzare. I guess it is one of the Federal SLs, then! Who would have thought!?

 

The code only comes up on EQ and the only account that is only on EQ is Plains Commerce, that is why I was puzzled about how it could possiboy be that account. Is there somewhere that states that it is exclusive and can only be an installment account? Not doubting you, but curious.


 


Really!?

 

Are they with any lender that I have? Are they in good standing or defaulted?

 

I am curious if itnis the actual "fed loans' themselves or the "US Dept of ED".

 

I wonder if they are the OCs, ehich I think sux because how many people have fed loans??

 

I guess I could see it in a way because they are guaranteed regardless of credit, so given to people even with the worst credit?

 

This got me thinking.....

 

I got SO's Fedloans and US Dept of ED off of TU and EX, but they are still on EQ for this month, so I am going to check his reason codes!

 

If it shows up on EQ and then disappears next month, we will know the culprit is, in fact, FedLoan or US Dept of ED. Unfortunately they will come off at the same time, so no way to tell which it is.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 2•21 | EQ [F8 640] [F9 645] [EQ5 678] [VS3 651] | TU [F8 611] [F9 595] [TU4 629] [VS3 605] | EX [F8 612] [F9 651] [EX2 628] [VS3 589]
Goal Score: 670


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 2•21 | EQ [F8 665] [F9 659] [EQ5 657] [VS3 655] | TU [F8 673] [F9 659] [TU4 644] [VS3 674] [VS4 658] | EX [F8 659] [F9 664] [EX2 638] [VS3 680]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge



Message 6 of 14
LaHossBoss
Valued Contributor

Re: Which is the CFA?


@ChemE_Bear wrote:

My federal student loans are also listed as CFAs


@LaHossBoss wrote:

@Overmedicated wrote:

CFAs cannot be revolving accounts.  It is one of the installments that is being labeled a CFA.


I listed them all because it is bizzare. I guess it is one of the Federal SLs, then! Who would have thought!?

 

The code only comes up on EQ and the only account that is only on EQ is Plains Commerce, that is why I was puzzled about how it could possiboy be that account. Is there somewhere that states that it is exclusive and can only be an installment account? Not doubting you, but curious.


 


SO does not have the CFA code listed for any of his 28 scores at any point with FedLoan, US Dept of ED, NMSL, or NMSLGC on his CRs.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 2•21 | EQ [F8 640] [F9 645] [EQ5 678] [VS3 651] | TU [F8 611] [F9 595] [TU4 629] [VS3 605] | EX [F8 612] [F9 651] [EX2 628] [VS3 589]
Goal Score: 670


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 2•21 | EQ [F8 665] [F9 659] [EQ5 657] [VS3 655] | TU [F8 673] [F9 659] [TU4 644] [VS3 674] [VS4 658] | EX [F8 659] [F9 664] [EX2 638] [VS3 680]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge



Message 7 of 14
RootDet
Regular Contributor

Re: Which is the CFA?

@Overmedicated 

 

would the code they used show up on paper reports? 



Message 8 of 14
LaHossBoss
Valued Contributor

Re: Which is the CFA?


@RootDet wrote:

@Overmedicated 

 

would the code they used show up on paper reports? 


Sadly, no. That is why this is such a hot topic because they is no way to tell which is the CFA other than by process of elimination.

 

So many people work hard to avoid getting a CFA, even with 0% interest offers, but truth is, if it includes fed backed SLs, that is really messed up, IMO. Basically if you have a fed backed SL there is no point in avoiding CFAs, IMO, because often time SLs stay on CRs for what seems like forever, especially if you consider they are deffered while in schol and then one could have upwards of 30 year repayment plan, and then ince closed they stay on another 10 years! I mean, we are talking 40-50+ years for many people! So why even bother avoiding CFAs at that rate? 




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 2•21 | EQ [F8 640] [F9 645] [EQ5 678] [VS3 651] | TU [F8 611] [F9 595] [TU4 629] [VS3 605] | EX [F8 612] [F9 651] [EX2 628] [VS3 589]
Goal Score: 670


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 2•21 | EQ [F8 665] [F9 659] [EQ5 657] [VS3 655] | TU [F8 673] [F9 659] [TU4 644] [VS3 674] [VS4 658] | EX [F8 659] [F9 664] [EX2 638] [VS3 680]
Goal Score: 670 [X] TU


Take the myFICO Fitness Challenge



Message 9 of 14
Slabenstein
Established Contributor

Re: Which is the CFA?

Imo, it would be bonkers if SL's were counted as CFAs, since they're completely outside of the kind of lending that the CFA tag is supposed to indicate.  Of the items you listed, Self Lender seems like the most likely culprit to me.  Depending on how Lead Bank set up Self Inc. it may count as a consumer finance company, even though Lead Bank is an actual bank, and self lending is something consumers generally turn to only when more usual lending options are closed to them.  The only weird thing with that is that lots of people here have used Self and I don't see that anyone else has associated having a Self Lender loan and getting the CFA reason code.

 

I suppose another possibility is one of the CAs, if you set up a payment plan w/ the debt owner?  Iirc the payment plans that people end up with after using a so-called debt management program can code as CFA, though that's a different thing & idk how they report.


Message 10 of 14
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