Credit Bureau Reporting (OnePay Credit Builder Loan)
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What account should I look for on my credit report?#
Your OnePay Credit Builder Loan should show up as “OneProgress Services LLC or One/CCB” on your credit report. CCB stands for Coastal Community Bank.
Why does my credit report not show as paid for the most recent month?#
It may take a few weeks for credit bureaus to update your credit reports. They are not a real-time picture of what your credit looks like now.
When will OnePay’s Credit Builder Loan program show up on my credit report?#
You should expect OnePay Credit Builder Loan to show on your credit report approximately one month after opening.
Do you report to all 3 bureaus?#
Yes, we report to Equifax®, TransUnion®, and Experian®.
When does OnePay report to the credit bureaus?#
OnePay reports each OnePay Credit Builder Loan account monthly to the credit bureaus.
Will there be an inquiry posted to my credit report when I open OnePay Credit Builder Loan?#
A soft inquiry will be posted at the time of application. No hard inquiry will be posted. Soft inquiries do not impact your credit score.
Why did my credit score drop after I was approved for OnePay Credit Builder Loan?#
Your credit score is dependent on many factors, and use of OnePay Credit Builder Loan does not guarantee that your credit score will improve. If you have not missed a payment during the OnePay Credit Builder Loan program, there may be other factors that have influenced your credit score. Additionally, when you open a new loan account, your credit score may temporarily decrease due to your credit utilization being higher. Your credit score may improve as you continue to make on-time payments toward that loan and lower your credit utilization. OnePay does not post a hard inquiry to your credit report when you open a OnePay Credit Builder Loan account.
When will my credit score go back up?#
The time it takes to improve your credit score depends on your unique situation and several factors, including how you manage your finances. With regular on-time payments and good credit habits, your score can improve over time. The use of OnePay Credit Builder Loan does not guarantee that your credit score will improve.
Why do I have a new $300 loan on my credit report?#
When you signed up for OnePay Credit Builder Loan, you took out a $300 interest-free, fee-free loan. We kept the proceeds from the loan in a OnePay Credit Builder Loan locked account to cover $24 of your $25 monthly payment obligation. Monthly payments are reported to each of the three major credit bureaus. On-time payments towards your loan may help to build your credit over time.