We’re excited to share that Prodigy Finance is now reporting repayments on in-school and refinance loans that originated between May 2019 and November 2019. Through our partnership with CallCredit, part of TransUnion UK, customers can build and strengthen their UK credit history.
Your loan payments will now contribute to your credit score—on-time payments can improve your rating, while missed, late, or partial payments may have a negative impact.
Who does it impact?
- To report your payments to TransUnion UK, we need confirmation of a permanent UK address. If you move, please update your address with us so we can adjust your credit reporting accordingly.
- If you update your address for reporting, we will only report payments from that point forward—past payments won’t be backdated.
- For refinance loans, we will report your full transaction history, honouring our original commitment to report payments to a US credit bureau.
Helping you maintain good standing with your loan
- To build a positive credit history, ensure your payments are made on time and in full each month. Payments must reach Prodigy Finance by the 28th, as stated in your statement.
- For a hassle-free experience, set up recurring auto-debit via our website or mobile app (iOS & Android). Debits occur between the 12th and the last day of the month and may take up to 8 business days to clear at no extra cost.
- If your loan is reported during an arrangement period, we will follow country-specific credit bureau guidelines to minimise the impact. Timely payments can help improve your credit score.
How long will my Prodigy Finance loan stay on my credit report?
- We will report your full repayment history from the moment your loan is disbursed until it is fully settled. This information will remain on your credit report for up to six years before being automatically removed.
- Maintaining a strong repayment record can help build a positive credit history, so we encourage you to make payments on time and in full each month.
Managing the impact of a default on your Credit Report
If your account has been reported as defaulted, it will remain on your credit history for up to 6 years from the default date.
To reduce the impact of the default:
- Repay as much of your outstanding balance as possible and keep your account on schedule. Once the default is resolved, your credit report will reflect the loan as “on-schedule”.
- You can add a Notice of Correction to your credit report to explain why the loan went into default. This notice will be visible to any organisation accessing your credit file through TransUnion. To add a Notice of Correction, contact TransUnion directly at consumer@transunion.co.uk.
How does this work with GDPR?
- Under GDPR, personal data can only be used for legitimate purposes that don't override your rights and freedoms. This is known as the Legitimate Interests condition for data processing.
- If you'd like to learn more about how your data is protected by the Credit Reference Agencies under GDPR, please visit this link: Credit Reference Agency Information Notice.
What should I do if my reported data is incorrect?
If you believe we've incorrectly reported your repayment history, please email us at payments@prodigyfinance.com. Include a copy or screenshot of your credit report, along with your loan reference number and a description of why you think the information is incorrect.
If there has been an error, we'll work with the Credit Reference Agency to make the necessary adjustments and confirm with you once it has been resolved.