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CFAs Affirm: Can a Lender Start Reporting To More CBs Old Closed Accounts?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Community Leader
Valued Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?


@Brooklyn2018 wrote:
Sorry Pikaboo😔

I just felt compelled to add that.

Hope Robert can find something in the advertising that can nail those sucka’s to da wall!!😡

I pray it results in some positive news🤞

Sending Luck your way🍀😉

😊

Thanks my friend..

I appreciate it! give_daisies.gif




Message 11 of 28
Valued Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?

Sorry your going through this. I just did some research on this co. The CEO is all pumped up about how his co. is growing. Most of the articles are how they are targeting young people. I did find that Affirm emphasizes that their loans are provided by NJ-based Cross River Bank and I saw that the CEO said they only report to EX but soon will be all 3.  No warnings/classifications anywhere about listing on CR's that they list it as a CFA. All the articles say financing the consumer and how it builds a score.Hope this helps. Horse...............

Fight the good fight!



My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC.
Message 12 of 28
Community Leader
Valued Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?


@FireMedic1 wrote:

Sorry your going through this. I just did some research on this co. The CEO is all pumped up about how his co. is growing. Most of the articles are how they are targeting young people. I did find that Affirm emphasizes that their loans are provided by NJ-based Cross River Bank and I saw that the CEO said they only report to EX but soon will be all 3.  No warnings/classifications anywhere about listing on CR's that they list it as a CFA. All the articles say financing the consumer and how it builds a score.Hope this helps. Horse...............

Fight the good fight!


Thank you VERY much!!

Yes, this helps and I will add it to my growing file.

 

Thanks again!! 000thankyou-1.gif




Message 13 of 28
Valued Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?

Yikes Pika, I’m so sorry to hear about this!

 

When it comes to reporting, they aren’t required to report to all bureaus but there is nothing stopping them from doing it either as far as I am aware. 

 

It does seem totally ludicrous that they’re allowed to add these accounts to your reports though since they are positives that have a negative effect so hopefully you are able to successfully fight this (and without having to charge yourself into oblivion). ❤️ 



Scores 1/1/19:
Scores 2/11/19:

Hover over my cards to see my limits!
Goal: Garden... and garden... and garden.
Message 14 of 28
Community Leader
Valued Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?

Updates:

 

Complaint to CFPB- transferred to FTC (still closed as you know so this is on hold).

Numerous emails to Affirm's "HELP" center- what a joke, these people are so uninformed.

 

Filed BBB complaint- in progress.

I don't use social media, at least VERY rarely but in this case made an exception.

Posted to both Affirm and The CEO's pages and Whoop-T-Ta they both responded!!

The CEO asked for a direct message with my email and I have provided it.

 

Fingers crossed, lots of prayer and we'll see if this gets any results.. AAAfaveprayergif.gif




Message 15 of 28
Established Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?

They do not report as a consumer finance loan for me. I believe I already mentioned this. 😂 sorry for your luck. 😞
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 16 of 28
Community Leader
Valued Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?


@BrandonLane wrote:
They do not report as a consumer finance loan for me. I believe I already mentioned this. 😂 sorry for your luck. 😞

Yeah you dodged an arrow there..

For me and many people on both this forum & around the Net they do and it's harmful

 

They absolutely advertise their service as "good for credit", "better than credit cards" and I have screenshots of this- it's not true.

Frankly, I wasn't holding my breath that the CEO would reply but he did and I am not only hopeful but grateful.

CFPB said the FTC would absolutely take this complaint for lending practises & false advertising but all I want is the mess of my credit reports.

If they'll do that- I'll drop all the complaints.

 

Anyway, Consider yourself blessed or lucky or maybe both.  0000whew.gif

 

SAEREN Thank you for your support! Much appreciated.. aaa blow kiss.gif




Message 17 of 28
Established Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?

Or maybe you were just unlucky? Because I have family & friends who have not had what you have going on. I actually consulted with my Mom about them before moving forward. I will admit it’s very odd either way.

I’ll also add that my score actually increased and this was with 2 inquires hitting simultaneously. Also I’ve read at least 1 person on here say their experience was fine. It’s not hard to find because there is very little about Affirm on these boards.
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 18 of 28
Valued Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?


@Pikaboo-icu wrote:

@BrandonLane wrote:
They do not report as a consumer finance loan for me. I believe I already mentioned this. 😂 sorry for your luck. 😞

Yeah you dodged an arrow there..

For me and many people on both this forum & around the Net they do and it's harmful

 

They absolutely advertise their service as "good for credit", "better than credit cards" and I have screenshots of this- it's not true.

Frankly, I wasn't holding my breath that the CEO would reply but he did and I am not only hopeful but grateful.

CFPB said the FTC would absolutely take this complaint for lending practises & false advertising but all I want is the mess of my credit reports.

If they'll do that- I'll drop all the complaints.

 

Anyway, Consider yourself blessed or lucky or maybe both.  0000whew.gif

 

SAEREN Thank you for your support! Much appreciated.. aaa blow kiss.gif


I have been following, definitely rooting for you. 💕 

 

I have noticed that people who say these loans aren’t coded as CFA have lower scores. It’s quite likely that they are actually coded CFA but the reason code isn’t one of the 4 showing because it’s not as impactful as the other reasons on the list. Just a theory. 

 

Keep up the good fight though, hopefully you can get this off your report and also make a path for everyone else to follow if this happens to them! 



Scores 1/1/19:
Scores 2/11/19:

Hover over my cards to see my limits!
Goal: Garden... and garden... and garden.
Message 19 of 28
Community Leader
Valued Contributor

Re: Can a Lender Start Reporting To More CBs Old Closed Accounts?

UPDATE:  For posterity.. lol

 

Had waited a week and heard nothing..

I went again to social media and informed the CEO and Affirm I hadn't heard from anyone & I felt I was being placated..

Within a couple hours I got an email asking for my evidence etc.. I complied.

Fast forward 24 hours: Just got a call from a higher up at Affirm. She was very nice and understands my position on this whole thing.

She said they have no record of my dispute! Nice! Thanks Experian .. Grrrr

 

She's going to investigate to see if she can locate them and touch bases with EX. 

She claims Affirm furnishes history as an installment loan and that it's EX coding as a CFA. Ok but that doesn't help me. SMH

I had also sent items showing they would not be in violation if they did delete these loans from my CR as I thought that might be a concern for them.

I explained that credit reporting is designed for two things; to provide positive credit info for a consumer OR to warn future lenders of a credit risk due to neg pmt history. The reporting they're doing does neither. It damages me for positive loan/payment history. She agreed. 

 

Sooo she's going to email me a summary of our discussion, the actions she is going to take and will get back to me via phone on Monday.

There's still some hope here.. They seem to be sincerely trying to fix this mess..

 

Lots of prayer and crossed fingers.. 

Will update again with new info. 




Message 20 of 28