Credit Reporting for Loan
1. When will a recent loan payment show up on my credit report?
Avant reports to the three major credit bureaus -- Equifax, Experian, and TransUnion on a monthly basis. In most cases, you will see this activity by the middle of the following month.
2. I recently paid off my loan, how will this be reflected on my credit report?
Your paid-off loan will be reported to the three major credit bureaus -- Equifax, Experian, and TransUnion. Each credit bureau may use different terms to reflect the paid off status of your loan. For example, your paid-off loan may appear as “closed”, “paid”, or “paid and closed.” If you have questions about the account status and how it appears on your credit report, please contact the respective credit bureau.
3. Does Avant Report my loan to the Credit Bureaus?
Avant reports your loan to the three major credit bureaus --Equifax, Experian, and TransUnion on a monthly basis. In most cases, you will see the most recent status of your loan on your credit report by the middle of the following month.
4. I missed a payment, will my loan be reported as late?
If your scheduled installment payment is late and the full payment amount is not paid within 30 days of its due date, you may be reported 30 days past due to the credit bureaus.
5. How long does my loan information remain on my credit report?
Typically, the information will remain in your credit report for 7 years. If you have been through bankruptcy, the information may remain on your report for 10 years.