We actively report to two of the three major credit bureaus, TransUnion and Experian. We report the status of all loans at the beginning of each month for the previous month.
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 selected 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.
TransUnion and Experian each process 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 bound by federal regulations to report accurate information to the credit bureaus.
We are happy to amend reports if there has been an error in our system.
Our customers have a 29 day grace period to update their payment dates but once a payment date is past the grace period, it is considered late to the credit bureaus. Unfortunately, we cannot amend credit reports for late payments.