myFico says I have 3 "Consumer Finance Accounts" But I don't see them?

[Anonymous]

Im incredibly shocked to find out that financing an expensive piece of furniture, thinking it will add to my crediit mix, is actually HURTING me with Experian. My score with Eq and Transunion are 744 and 750, but 729 with Experian because "Too Many Consumer Finance Accounts".

This refers to me using Affirm to finance a couch. But looking at myFico it says "Number of Consumer Finance Accounts: 3".

But my report only lists 9 accounts: 

American Express: Blue Cash Everyday Credit Card
American Express: Gold Card.
Barclays: Arrival+ Credit CArd.
Capital One: Secured Platinum
Capital One: Quicksilver One
Citibank: Closed loan.
Citibank: Active loan
Affirm: Closed finance loan.
Avant: Active Personal loan

I thought only Affirm would be a CFA. But perhaps Avant is considered one too? My last quarterely report, which also listed Avant, did not mention any consumer finance accouts. It's only doing this now that I havee affirm on there. But then what would be the third? 
I check my report directly on Experian's site and I see no meention of consumeer finance accounts so can't get more info therre either.

[Revelate]

CFAs suck, it's literally the first place I'd overhaul in the credit scoring algorithms from a consumer friendliness perspective, followed by the way COs are scored.

There is no clear indication of what is a CFA or what isn't.  You can get the CFA reason code with only one CFA, and I didn't realize that any CMS was counting them... are you sure it wasn't something like 3. Consumer Finance Accounts which means that's the #3 reason code for that given score?

Sadly it's not considered a negative item and as such it just sits on your report for a long while, my own falls off 2022, like you I thought it would improve my credit but sadly, no.  Admittedly my scores are pretty lofty anyway so it's not like it's a major problem, but it's an unnecessary ding.

[REDBOYYY56]

I have 3 CFA (affirm)on my experian as well that has been paid off a year ago.However, i don't see any evidence of it dinging my score though.It seems to me its more of a notation that a negative action.Nonetheless i don't like seeing it there.

[Anonymous]

It is a small ding. When he was saying it’s not considered negative, he meant it’s not removed at 7 years, and then instead hangs around 10 years since it’s not classified as negative officially, but it does still affect your score slightly from my understanding.

[Anonymous]

My consymer finance account turned out to be ally financial, formaerly GMAC .... a vehicle loan at a VERY decent APR .. but it is still being reported as a Consumer Finance Account.... i just went ahead and paid my truck off. Im Kinda pissed.

[Anonymous]

Yes they are a CFA. Be aware paying it off doesn’t change the fact though, it’ll still stick around potentially up to 10 years.

[FlaDude]

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@Anonymous wrote:
It is a small ding. 

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I've got the CFA reason code (loans with Marcus, Prosper, Lending Club) and they don't seem to preclude having decent scores.

[Anonymous]

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@Anonymous wrote:
Yes they are a CFA. Be aware paying it off doesn’t change the fact though, it’ll still stick around potentially up to 10 years.

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it was more so just a mental thing for me .. kinda like eff you, you arent getting any more interest from me.

[REDBOYYY56]

I am so outrage at this ....My score with Eq and Transunion are 749 and 751, but 731 with Experian because "Too Many Consumer Finance Accounts". I just got off the phone with an Affirm rep which was a complete waste of 20 minutes.Although she was super nice i had to explain to her what i was talking about and what a CFA means in terms of how it negatively affect your score.

She said they can't delete them unless it was reported incorrectly which i new that already but i was trying to push my luck..didn't work out. My guess is that i'll have to pay down some more debt to compensate for the current dings .My overrall utilization is currently at 27%.

[Anonymous]

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@REDBOYYY56 wrote:

I am so outrage at this ....My score with Eq and Transunion are 749 and 751, but 731 with Experian because "Too Many Consumer Finance Accounts". I just got off the phone with an Affirm rep which was a complete waste of 20 minutes.Although she was super nice i had to explain to her what i was talking about and what a CFA means in terms of how it negatively affect your score.

She said they can't delete them unless it was reported incorrectly which i new that already but i was trying to push my luck..didn't work out. My guess is that i'll have to pay down some more debt to compensate for the current dings .My overrall utilization is currently at 27%.

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I don't think you're taking as big of a ding as you think you are. People without CFAs can also have a 20 point difference between their lowest and highest FICO scores. Each CRA has different weights behind their own individual scores so the same information will produce different scores even in the same FICO product like 8 or 9. It's not really worth losing sleep over. If it's not the number one reason, it's not what's costing you the most points.