We know how important it is to build your credit score. To help, Prodigy Finance reports information about your loan repayments to Experian.
- Who is Experian?
- What is a credit score used for?
- How does this impact my Prodigy Finance loan?
- Who does it impact?
Who is Experian?
Experian is one of 3 major consumer credit reporting companies (also called credit bureaus). In the US, they translate payment information into a consumer credit score. These scores are reported using a system called FICO and can range from 300-850.
What is a credit score used for?
A credit score is often used by companies to measure a consumer’s creditworthiness. Your credit score could be used by banks, credit card institutions, telecom providers, or housing providers. It’s an integral part of a US resident’s financial identity.
How does this impact my Prodigy Finance loan?
Payments made on Prodigy Finance loans also count towards your individual credit score. If you miss a payment, pay late, or pay a lower amount than the amount due, it's likely that this will have a negative impact on your credit score.
Who does it impact?
We’ll report only the payments registered in May 2019. That means that payments made by a customer, received by Prodigy Finance between 8 April-7 May will be the first to be reported.
For customers with a refinance loan: we’ll report the full transaction history from the start of your Prodigy Finance loan repayments.