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

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 19
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.
Message 12 of 19
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 19
Established 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). ❤️ 


Starting Score: 647 TU/670 EX/680 EQ
Current Score:706 TU/671 EX/685 EQ
Goal Score:760/760/760

Take the myFICO Fitness Challenge


Scores 1/1/19:
Current scores:

Hover over my cards to see my limits!
Goal: Garden time until 2020!
Message 14 of 19
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 19
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 19
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 19
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 19
Established 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! 


Starting Score: 647 TU/670 EX/680 EQ
Current Score:706 TU/671 EX/685 EQ
Goal Score:760/760/760

Take the myFICO Fitness Challenge


Scores 1/1/19:
Current scores:

Hover over my cards to see my limits!
Goal: Garden time until 2020!
Message 19 of 19