If you’re considering using Affirm to finance a purchase, you may be wondering which credit bureau they use. In this article, we’ll give you the lowdown on Affirm’s credit reporting practices.
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What is a credit bureau?
A credit bureau is a company that collects information about where you live, how you pay your bills, and whether you have been sued or arrested, and then sells that information to businesses in the form of a credit report. The three major credit bureaus in the United States are Equifax, Experian, and TransUnion.
What is Affirm?
Founded in 2012, Affirm is a consumer finance company that offers point-of-sale loans to consumers at participating retailers. Affirm loans are an alternative to traditional credit cards and can be used for a variety of purposes, including financing a purchase, consolidating debt, or making a large purchase. Affirm’s underwriting process is designed to assess a borrower’s ability to repay the loan and does not rely heavily on traditional credit scoring models. Rather, Affirm uses a number of data points to assess each borrower’s risk and determine whether or not to approve the loan.
Affirm reports loan repayment history to all three major credit bureaus (Equifax, Experian, and TransUnion) so that borrowers can build or improve their credit scores. Because Affirm loans are reported as installment loans, they can help borrowers who have trouble qualifying for traditional credit products due to a lack of credit history or poor credit scores.
What credit bureau does Affirm use?
Affirm uses a proprietary credit scoring model that assesses a variety of factors in order to approve or decline financing. This includes, but is not limited to, your credit score, credit utilization, and repayment history.
How does Affirm use my credit score?
Affirm uses your credit score to help us assess your creditworthiness. Your credit score is one factor we consider when making a loan decision. We may also use other information about you to make our underwriting decision.
How can I improve my credit score?
There are a few things you can do to improve your credit score, including paying your bills on time, keeping a good credit history, and using a credit monitoring service.