CFA (consumer finance account) List

CFAs on your credit report cause a point loss. What are they? Loans from non-bank institutions, such as finance companies or even from subsidiaries of banks that have the name financial after it. Many 0% APR‘s from auto manufacturers are also CFAs, tho I have chosen to put the list here. This is just a beginning, so I know many Rebels will contribute more to the list. I will update it periodically so we have the master list in the first post?? Our best guess thus far is each CRA has a list, therefore we believe that if a lender codes at one CRA, it may not necessarily code at the other; however it may. So I guess I need three lists. I have two that I believe are CFAs below, but I need to know which bureaus. @LaHossBoss Edited Wells Fargo financial Main Street finance formerly citifinancial Security finance Ally Financial Best Egg Affirm Google store (possible) Xbox all access (possible) Come on y’all help me fill the list!

I'm not fully sure on this one but I believe the Google Store is a CFA instead of a CC as you can only use it on Google. I would also assume Xbox All Access would count as it is also a line instead of a card, bad news for me cause I have X.A.A.

ToxikPH wrote: ↑Thu Jan 06, 2022 2:36 pm I'm not fully sure on this one but I believe the Google Store is a CFA instead of a CC as you can only use it on Google. I would also assume Xbox All Access would count as it is also a line instead of a card, bad news for me cause I have X.A.A.

I'm not familiar with the kind of financing the Google Store offers, but is it in the form of installments or a revolving credit line? To my knowledge, CFA's can only be installments. Revolvers that can only be used at one place, e.g. retail cards or Dell's credit line, shouldn't count. With XBox All Access, do they offer credit or financing? From the info I could find on a brief search, it looked like a subscription service. The frustrating thing about CFAs is that the designation doesn't seem to be consistently applied within or across the three bureaus. A good rule of thumb is that if you're looking at an installment loan from a lender that doesn't also take deposits (e.g. not a bank or cu), then it could be a CFA according to FICO. However, any particular account like that may or may not actually trigger the CFA reason code. Afaik, the only real way to tell whether an account counts as a CFA is if: 1) you can see the CFA reason code and 2) there's only one tradeline on your report, open or closed, that it could possibly be. Since for a lot of people that might have it the CFA code is going to be further down than 4th place and they may have more than one account that might be causing it, it can be hard to determine whether any particular lender is or isn't counting. ETA: The code dropping concurrently w/ a closed trade aging off can also tell us that the loan was counting as a CFA, if the consumer had more than one trade that could be counting.

I think you meant to put Best Egg there cause Newegg's card is through Synchrony.

Google uses Synchrony for a revolving line of credit as well so isn't a CFA.

Ally can be a CFA.

@Slabenstein is correct, a lender could code CFA at one bureau & not at the other, so I guess I better make three lists in the first post. Our best guess is each CRA has a list. But do we know that an account has coded as a CFA at one and not the other? anybody know which one if so? Yes I meant best egg, that is one correct? do we know if these code at all three?

Birdman wrote: ↑Thu Jan 06, 2022 3:45 pm @Slabenstein is correct, a lender could code CFA at one bureau & not at the other, so I guess I better make three lists in the first post. Our best guess is each CRA has a list. But do we know that an account has coded as a CFA at one and not the other? anybody know which one if so? Yes I meant best egg, that is one correct? do we know if these code at all three?

Best Egg codes CFA on all three. Ask my mortgage scores. I saw it first on TU when I had a subscription that included that score but I saw it on EX and EQ as well until my credit seeking knocked it down. It doesn't really matter if they code on all three. If they code on one, avoid. You never know when the status may change on another.

I think for now it makes sense to just keep one list of confirmed CFA's. If we find a CFA that we can confirm only codes as such for one or two bureaus, we could just note it in a parenthesis, e.g.: "Birdman Financial (TU only)"

Saeren wrote: ↑Thu Jan 06, 2022 3:26 pm Ally can be a CFA.

Is that Ally financial?

ToxikPH wrote: ↑Thu Jan 06, 2022 2:36 pm I'm not fully sure on this one but I believe the Google Store is a CFA instead of a CC as you can only use it on Google. I would also assume Xbox All Access would count as it is also a line instead of a card, bad news for me cause I have X.A.A.

Is that revolving or installment?

Birdman wrote: ↑Wed Mar 09, 2022 12:21 am

Saeren wrote: ↑Thu Jan 06, 2022 3:26 pm Ally can be a CFA.

Is that Ally financial?

Yep

Birdman wrote: ↑Wed Mar 09, 2022 12:22 am

ToxikPH wrote: ↑Thu Jan 06, 2022 2:36 pm I'm not fully sure on this one but I believe the Google Store is a CFA instead of a CC as you can only use it on Google. I would also assume Xbox All Access would count as it is also a line instead of a card, bad news for me cause I have X.A.A.

Is that revolving or installment?

I'm pretty sure it's installment-based as I can't take more out of it. Just bought the Xbox and have been paying it down ever since; can't use it as a credit line.

Good article on CFA‘s: https://mycreditplan.org/Blog/this-issu ... r-10-years