Quality Lenders and Your Credit

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Did you know that lenders are scored differently on you credit report?

Many consumers fail to realize that credit scores give differing values for different types of lenders. Banks and national credit card companies are on one end while finance companies and payday lenders are on the other end.

Most can identify a bank, but many fail to recognize finance companies. Such lenders usually finance many auto loans and merchant purchases offering “Same-as-Cash” options or "No Payments 'Til 2020.

Many finance companies are even owned by banks; but, they are considered high-risk lenders and create a drag for credit scores because of their willingness to charge high interest rates and lend to less than credit worthy consumers.

If you have good credit, utilizing one of these lenders to save money on interest can be a good decision. The choice is up to you, and the result to your credit report is up to the bureaus.