Does Self Report to Credit Bureaus?

Yes, Self reports your payment history and account status to all three major credit bureaus—Equifax, Experian, and TransUnion. This regular reporting includes both positive and negative information, which directly impacts your credit scores. For specific details about your account, it's best to contact Self's support team.

Key events trigger updates to your credit report:

• Account Opening: Your new Self account is reported to the credit bureaus shortly after you open it.
• Monthly Statements: Account status and payment history are reported monthly, typically after your statement closing date.
• On-Time Payments: Each successful, on-time payment is reported, helping to build a positive credit history.
• Late Payments: Payments 30 or more days past due are reported as late, negatively affecting your credit.
• Account Closing: The closure of your account, whether paid in full or for other reasons, is also reported.

Who Does Self Report Credit Information to?

Self reports your account activity to all three major credit bureaus:

• Equifax
• Experian
• TransUnion

When does Self Report to Credit Bureaus?

Unlike some lenders that report on a fixed day each month, Self does not have a universal reporting date. The specific day your payment information is sent to the credit bureaus—Equifax, Experian, and TransUnion—depends on individual factors and account-specific triggers. This means the exact timing can vary from person to person and even from one month to the next for the same individual.

How Reporting Can Affect Your Credit Score

Positive impact

• Making consistent, on-time payments builds a positive payment history, the most influential factor in both FICO and VantageScore credit scoring models.
• A credit builder loan diversifies your credit mix by adding an installment loan, which can positively influence your score if you only have credit cards.
• Keeping the account open and in good standing contributes to the length of your credit history, another key component of your overall score.

Potential negatives

• Missing a payment or paying late will be reported to the credit bureaus, which can significantly damage your payment history and lower your score.
• The initial application may trigger a hard inquiry on your credit report, potentially causing a small and temporary drop in your credit score.
• Closing the account could reduce your average age of credit, especially if it's one of your older accounts, which might negatively impact your score.

Tips for Managing Credit with Self

Here are some actionable tips to make the most of your Self account and build a stronger credit profile:

• Make every payment on time. Self reports to all three credit bureaus, so consistent, timely payments are essential for building a positive payment history.
• Use the Self app to regularly monitor your credit score. This helps you track your progress and see how your financial habits impact your credit health.
• If you have the Self Visa® Credit Card, keep your balance low. Maintaining low credit utilization is a key factor in improving your credit score.
• Finish your Credit Builder Account term to receive your savings. Completing the loan demonstrates your ability to manage credit responsibly from start to finish.
• Building good credit is a marathon, not a sprint. Stay consistent with your payments and financial habits, as positive results will accumulate over time.

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