Your credit score is based on your credit history, including the number of accounts you have, their status, and your payment behavior. Since credit histories are country-specific, if you move to a different country, you'll need to build your credit history from scratch.
To support this, Prodigy Finance reports loans (including in-school and refinance loans since May 2019) for all US-based customers to Equifax and Experian in the United States. This helps you establish and build your credit score.
How Loan Payments Affect Your Credit Score
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On-time payments: Positively contribute to your credit history and help improve your score.
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Missed, late, or partial payments: Can negatively impact your credit score.
We encourage you to make timely payments to maintain a strong credit profile, which will be beneficial for your future financial opportunities.
Who will this affect?
To report your loan payments to credit bureaus, we need to confirm that you are residing in the US. If your country of residence changes, please let us know so we can accurately report (or stop reporting) your payments.
Reporting New Residential Information
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If you update your residential address to indicate that you're in the US, we'll start reporting your loan payments to the relevant credit bureaus from that point onward.
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Note: We do not backdate your loan history. Only payments made from the updated address will be reported going forward.
Refinance Loans
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If you have a refinanced loan, we'll report the full transaction history of your Prodigy Finance refinance loan. This decision honors the commitment made at the time of loan origination, where you were informed that your payments would be reported to a US credit bureau.
Address Information
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Your address is crucial in verifying your information to ensure it's linked to the correct account. If the state is missing from your current address, your loan will not be reported.
When we report information to the Credit Bureau
Your loan data is reported monthly if you have a US address on record. The report is typically submitted between the 12th and 15th of each month, once the cycle close is finalized. Please note that it may take a few weeks for the update to show on your Equifax or Experian Credit Report.
How to maintain a good standing?
First and foremost, we want to help you make your loan payments on time and in full every month. This means you should pay the full amount due, as indicated on your current statement, and ensure that the payment is received in Prodigy Finance’s account on or before the 28th of each month.
- Setting Up Auto-Debit Payments
For customers who have the option, setting up a recurring auto-debit payment is the best way to ensure that each month’s installment is complete and on time.
You can set it up online or via the mobile app for iOS or Android.
Debits are initiated between the 12th and 25th of each month, and it can take up to 12 business days for the debit to clear. There are no additional fees or costs for using this payment method.
- Impact on Your Credit Report
When reporting your loan during an arrangement period, we will also follow guidance from the country’s credit bureaus to limit the impact on your credit report as much as possible.
As a general rule, paying your loan in full and on time will have a positive impact on your credit report.
What happens if my loans aren't reflected on my Equifax or Experian Credit Report?
If you have a US address on record and are not seeing your loan information reflected on your Equifax and/ or Experian Credit Report, it could be because the bureau is unable to match the information we are sending with the records they have for you. This is common if there isn’t a unique identifier included in the submission.
To resolve this, you can provide us with your SSN (Social Security Number). You can update it yourself under the Account Settings tab on the repayment app, or you can send us an email at payments@prodigyfinance.com, and we can make the update for you.
What should I do if my reported data is incorrect?
If you’ve checked your credit report and believe we’ve incorrectly reported your repayment history, please send us an email at payments@prodigyfinance.com.
In your email, please include:
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A copy (or screenshot) of your credit report.
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Your loan reference number.
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A description of why you believe the reported information is incorrect.
If there has been an error, we’ll make the necessary adjustments with the Credit Reference Agency and confirm with you once the update is made.