Comments on: Peer to Peer Lenders and Credit Scores – Episode #71 http://www.videocreditscore.com/peer-to-peer-lenders-and-credit-scores/ Tue, 24 Jan 2012 18:29:53 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: VideoCreditScore-Andy http://www.videocreditscore.com/peer-to-peer-lenders-and-credit-scores/#comment-1538 VideoCreditScore-Andy Sun, 06 Mar 2011 00:33:58 +0000 http://www.videocreditscore.com/?p=682#comment-1538 John. I think peer to peer is proving to be too nascent too trust from a credit perspective. These should be personal loans, not finance loans in the eyes of the credit bureaus. These days, banks and credit unions are offering pretty good rates, so I refer people to peer to peer only if they get refused from banks or credit unions. John. I think peer to peer is proving to be too nascent too trust from a credit perspective. These should be personal loans, not finance loans in the eyes of the credit bureaus. These days, banks and credit unions are offering pretty good rates, so I refer people to peer to peer only if they get refused from banks or credit unions.

]]> By: John http://www.videocreditscore.com/peer-to-peer-lenders-and-credit-scores/#comment-1536 John Mon, 28 Feb 2011 02:15:07 +0000 http://www.videocreditscore.com/?p=682#comment-1536 I took out two peer-to-peer loans because I wanted to build my credit history/score. I think it has backfired on me. The first one I paid off early and they reported to the bureaus as they should have. When I took out the second loan, the inquiry showed up as a finance loan inquiry. Then, they reported the first payment. They have not reported any payments for four months. I contacted them three times and they have still not reported it. I contested it with the credit bureaus and they haven't responed. Now, all information about this loan has been deleted. I have since obtained a loan through my bank at a much better interest rate. And my credit union have me a used car loan at 5.25% interest for four years. And don't forget that the peer-to-lenders take a sizeable cut off the loan when they orgiinate it. I won't utilize the peer-to-peer lending again. Are peer-to-peer loans consdiered fiance loans? Have they changed their policies in reporting to the credit bureaus? I took out two peer-to-peer loans because I wanted to build my credit history/score. I think it has backfired on me. The first one I paid off early and they reported to the bureaus as they should have.

When I took out the second loan, the inquiry showed up as a finance loan inquiry. Then, they reported the first payment. They have not reported any payments for four months. I contacted them three times and they have still not reported it. I contested it with the credit bureaus and they haven’t responed. Now, all information about this loan has been deleted.

I have since obtained a loan through my bank at a much better interest rate. And my credit union have me a used car loan at 5.25% interest for four years. And don’t forget that the peer-to-lenders take a sizeable cut off the loan when they orgiinate it. I won’t utilize the peer-to-peer lending again.

Are peer-to-peer loans consdiered fiance loans?

Have they changed their policies in reporting to the credit bureaus?

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