Why do Finance Company Accounts negatively effect my score?
When you apply with a finance company, your score will be slightly lower than a pull through another vendor. The model assumes that you do not qualify for better credit lines, so are seeking a money source that does most of it’s business with people who have credit challenges. So, your score will be lower and your rate will be higher. If you do business with a finance company, even if you have an excellent record of paying your bills, there is not as much positive impact as through a traditional lender. I need to have errors on my credit report taken care of quickly, so that my financing can go through. Loan officers have the ability to get accounts cleared off of your credit report very quickly if they have the correct documentation. This is called a rapid rescore or rapid recheck. There is a cost for this service. Please note that you are paying a fee to have these items removed quickly, so that you are paying for speed, not for the corrected information. These are reported the credi
