Unfortunately FICO doesnt care for CFA's. As long as its on your report it will affect you. Even PIF. Usually its furniture companies and the like. Even a few auto loans list as a CFA. You'd think all loans would be the same as installments. So sorry. Its not much of a ding.
I had a bunch of them back in the day. Apparently they didn't report to all the CRAs, or they've fallen off of some faster than others.
My TU8 score used to stay significantly higher than EQ8 and EX8. I think it was because the age of those loans that were only on TU.
But now, I guess I'm on a different scorecard. My TU8 is consistently lower than EQ8 and EX8. The only difference on my reports is the "consumer finance" loans that still show up on TU. This also applies to Auto 8 and Bankcard 8, but in most of the other scoring models like 9, 5/4/2, 10, whatever, TU still tends to be my highest score, or a very close second in a couple of cases.
Starting Score: EQ8 680, TU8 713, EX8 701
@sean31732 wrote:I was wondering what I could do about an issue with my credit report.
I'm not sure HOW MUCH it's affecting my FICO scores, but it's always listed as a negative factor in computing my credit scores. 👀
The problem is that I have no idea what to do about it. 😒
Here is what it says throughout my credit report on pretty much every FICO scoring model...
"You have a consumer finance account on your credit report."
"The presence of a consumer finance company loan on a credit report generally represents a higher risk to lenders compared to having no consumer finance company loans reported. Even if this account is reported as closed, it can still impact the score." 🥺🥺🥺🥺🥺
That last sentence KILLS ME every time I read it. 💀
Am I just screwed ??? 👎
Or is there a quick/simple solution to this problem? 🙃
I don't think there's anything you can do about it, but I think the consensus is that it doesn't cost many points.
I have two closed and one currently open CFA reporting just over 50% of the original balance. The reporting history covers nearly 7 years. My EX FICO08 is 849, EQ FICO08 is 847 and TU FICO is 844. These are the standard, non BankCard scores so obviously not far off the highest possible.
@SouthJamaica wrote:I don't think there's anything you can do about it, but I think the consensus is that it doesn't cost many points.
I think it's minor enough that I feel like I'm doing really good when I see that come up.
I'm like "Oh, you had to dig deep to find something negative about me this month, didn't you?" 
this makes
@FireMedic1 wrote:Unfortunately FICO doesnt care for CFA's. As long as its on your report it will affect you. Even PIF. Usually its furniture companies and the like. Even a few auto loans list as a CFA. You'd think all loans would be the same as installments. So sorry. Its not much of a ding.
I have friend who uses Affirm/Klarna etc whenever they make a larger purchase that they can't PIF immediately (for no interest or lower than CC interest plans). I wonder how much it's hurting their score even though they othewise use CCs for most daily transactions and PIF.
