cancel
Showing results for 
Search instead for 
Did you mean: 

9 consumer finance accounts??

tag
ABuckNow
Contributor

9 consumer finance accounts??

From my Equifax report on myfico, pulled this morning. I've copied/pasted this in below.

What they are referring to is 9 Sallie Mae student loans opened in the early 2000's, consolidated many years ago.

Why on earth are they showing up as consumer finance accounts?  And it's not counting my one big consolidated loan as this type of loan.

When I pull my transunion here on myfico.com, it doesn't flag these accounts as a negative - it doesn't appear to count them as consumer finance accounts.

 

If I go through the arduous process of getting them removed, it will severely impact my average age of accounts, on all three reports.

Why is equifax counting them as this type of account?!

 

You have a consumer finance account on your credit report.

Number of consumer finance accounts on your credit report
9 accounts

Only 12% of FICO High Achievers have a consumer finance account.

 Consumer finance companies typically grant loans to people with poor credit histories. Their customers often cannot get loans from traditional lending companies such as banks or credit unions. These are often high-interest loans because the consumer finance company is assuming more risk by lending to people with less than perfect credit.

The fact that you have a consumer finance company loan on your credit report means that you represent a higher risk to lenders than someone with no consumer finance loans. Even if this consumer finance account is closed, it will still lower your FICO score. However, its impact on your score will lessen as time passes.

 

Message 1 of 2
1 REPLY 1
guiness56
Epic Contributor

Re: 9 consumer finance accounts??

That is from myFIco.  Have you looked at the reports pulled directly from the CRA?

 

Student loans are not consumer finance loans by any means.  It could just be the way they are looked at here.

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.