We report the status of all loans at the beginning of each month for the previous month.
There is a bit of a delay with our reporting system!
We do this on purpose to give people a chance to catch back up if they miss a payment.
We know you may be eager to see changes in your credit score so we thank you for your patience and understanding!
Here's an example: on February 1st we'll report for the month of January.
Let's say your payments were scheduled for: January 1st, January 15th, February 1st and February 15th.
Here's what you can expect to see on your credit report:
Your first 2 payments (aka your January payments) will be reported as complete with our February report. Your overall loan status will be reported as open, since you have 2 payments still remaining.
After your make your final 2 payments in February, we will report the payments as complete and your loan status as closed with our March report.
There is an exception: payments made at the very end of the month may still be processing on the 1st when we do our monthly report. These payments will not be reported as complete yet. Don't worry! Everything will get updated next month.
Changes to your credit report won't appear immediately.
Each bureau processes our report at different rates!
We don't have control over the processing time.
Some changes may appear within 72 hours of our report and some changes may take up to 4 weeks to take effect.
We appreciate your patience!
We are actively reporting to Experian and TransUnion.
We have been approved to report to Equifax and are waiting on additional clearance. All previous loans will be reported to Equifax as soon as possible.