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

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Super Contributor

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


@Pikaboo-icu wrote:

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. 


Fingers, toes and eyes crossed!



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Message 21 of 28
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New Visitor

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

much like you, my Experian score is suffering as a result of my loans taken out through Affirm. I have 6 in total, all paid in full and on time. My other 2 scores from the other CB’s are 720 and 730 while my Experian is showing up at 675. “Too Many Consumer Accounts” is what is says is affecting my score. Affirm is NOT working as advertised. I would’ve never gotten myself into these loans had i known they would be reported as CFA’s. So, im saying all this to say that im rooting for you! Hopefully this can help out the rest of us!!!
Message 22 of 28
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Established Contributor

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

Affirm is truly a mixed bag.
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 23 of 28
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Valued Contributor

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


@LVN718 wrote:
much like you, my Experian score is suffering as a result of my loans taken out through Affirm. I have 6 in total, all paid in full and on time. My other 2 scores from the other CB’s are 720 and 730 while my Experian is showing up at 675. “Too Many Consumer Accounts” is what is says is affecting my score. Affirm is NOT working as advertised. I would’ve never gotten myself into these loans had i known they would be reported as CFA’s. So, im saying all this to say that im rooting for you! Hopefully this can help out the rest of us!!!

I am so sorry!!  I know exactly how you feel.. 

I will keep this thread updated so perhaps, if I get this worked out, you will be able to use the info to do the same.. That's the hope, that I am blazing a trail for others affected by Affirm's reporting. 

BTW: Welcome to My Fico!! welcomewave (1).gif

 

Thank you very much for the support.. It's a battle all the way. 

 

 

Just for the subject/thread in general I'm linking another thread that is extremely relevant:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Details-about-CB-reporting-amp-coding-furnis...

 

 




Message 24 of 28
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Legendary Contributor

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

The FCRA places no timliness requirement on reporting to a CRA.

The joint CRA reporting manual ("Credit Reporting Resource Guide") additionally does not place any CRA procedural restrictions on reporting that prevents reporting after the current status has become paid, closed.

 

The requirement is that what is reported cannot knowingly be inaccurate  (FCRA 623(a)(1)), and that any adverse information cannot continue to be included in credit reports after expiration of the relevant credit report exclusion period for that type of adverse information under FCRA 605(a).  Designation of a CFA, if adverse, would fall under the catch-all exclusion provision of FCRA 605(a)(5), which mandate exclusion of "any other adverse item of information" after 7 years.  A CFA designation exists with an account, and thus if excludable, would have a required exclusion date of 7 years from date opened.

 

If the "old" account information is not knowingly inaccurate, it can be reported, even if the account is now closed.

If any reporting is inaccurate, it can be disputed.

However, there is no inaccuracy based on the fact that the creditor did not previously report prior to the account being closed.

 

 

Message 25 of 28
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Valued Contributor

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


@RobertEG wrote:

The FCRA places no timliness requirement on reporting to a CRA.

The joint CRA reporting manual ("Credit Reporting Resource Guide") additionally does not place any CRA procedural restrictions on reporting that prevents reporting after the current status has become paid, closed.

 

The requirement is that what is reported cannot knowingly be inaccurate  (FCRA 623(a)(1)), and that any adverse information cannot continue to be included in credit reports after expiration of the relevant credit report exclusion period for that type of adverse information under FCRA 605(a).  Designation of a CFA, if adverse, would fall under the catch-all exclusion provision of FCRA 605(a)(5), which mandate exclusion of any other adverse item of information after 7 years.

 

If the "old" account information is not knowingly inaccurate, it can be reported, even if the account is now closed.

If any reporting is inaccurate, it can be disputed.

However, there is no inaccuracy based on the fact that the creditor did not previously report prior to the account being closed.

 

 


Thank you Robert..

 

Does the above remain true even when the company, under it's own terms, only reported to one CB Experian  and later changed the terms (two years later) and began reporting to the other two CBs?

That's what's happening in this specific case.

 

Hypothetical EX: 

So a lender that only reported to TU could five years later, change it's terms & practices and begin reporting to all three?

Doesn't that change their own terms after the fact, if the loans had already been satisfied some time prior to the change? 

 

Thanks!!!  Appreciate your knowledge & insight, ALWAYS! 




Message 26 of 28
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Valued Contributor

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

UPDATE: AngryCensor01.gif

 

I am so FUMING ANGRY I could spit fire!!

 

rant.gif

It takes a lot to get me this mad but I am... 

So after all this time and their phony baloney investigation: Oh it's accurate, we report as installment loans and if Experian  codes them as CFAs that's not our problem.

I guess they have NO CLUE what a "good will" removal of loans that closed positively means.

Syrupy bunch of placating crappolla! 

 

So now, I'm on to calling Ex on Monday- I want to at least try begging them to remove or recode.

I'm sure that will be a lost cause-

So, I will call the FTC as they have the complaint now even though they're probably back logged.

I might start looking for an attorney that specializes in credit related stuff..

 

I wrote Affirm back a very NOT NICE reply,,, ok, it was a NASTY reply (but I didn't use profanity lol) and explained I would be in better shape if the loans had closed as negatives since they would come off in 7 years rather than ten. I know that's technically not correct but I am just so  frustrated. 

 explode.gif

 




Message 27 of 28
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New Member

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

On the same boat! Please keep us posted!

How's the progress with BBB complaint though?

Thanks.

Message 28 of 28
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