When you apply for a loan, requesting an updated credit report is part of the process, and this will appear as a 'footprint' on your credit report, which is a factor in calculating your credit score. This varies depending on your country of residence or credit bureau.
If you decide to accept a loan offer, you will need to provide a recent credit report for us to understand your credit history. To learn how to get your credit report, click here. If you have taken out a loan with Prodigy Finance and begin your repayment period, we’ll then provide this information to the relevant credit bureaus on your behalf. Find out more here.
What will Prodigy Finance report to the credit agencies?
We submit a few different types of data to the credit bureau.
They need to identify you:
- First, we send information to help the credit bureau identify you. This includes your name, address, and birth date. The credit bureau will then match our records with the information they already have on file.
Your loan history with Prodigy Finance:
- Second, we send information about your loan. This includes the outstanding balance on your loan, any arrears, installment plan, or special statuses, such as grace or forbearance.
Who does this affect?
- For those who took a loan with us to cover the cost of your studies while you were in school, we'll start sending information to the credit bureau from 28 April 2019.
- For customers who refinanced an existing loan with Prodigy Finance, we will share the full history of your loan.
If you want any information related to the Prodigy Finance supported schools before you make your decision, or if the question is simply, “What loans am I eligible for?”, simply check out one of our Support pages or visit our Study Centre to read more about how Prodigy Finance can help you in the next stage of your career journey.
Also, if you have some questions about Prodigy Finance charging any hidden fees, whether your full cost of studies will be covered, whether forex rates will affect your interest, or if you’ll receive a tax break or not, here is an article that provides as good a Prodigy Finance review as possible.
For any other information about Prodigy Finance, or our student loan process, feel free to browse through our site or register for a webinar to have your questions answered by one of our team members before you apply for our student loan.