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There is no distinct indication of a bad credit loan on a report. If you pay on time then it good. If you're late then it's bad. Sometimes the industry code can be used if the company is scoring the data themselves. We used to do this when I worked for a major retailer evaluating credit. The theory was that if you were using a loan company like Household Finance or Beneficial Finance, instead of a bank, it must be that you got turned down by your local banks. On of the people on our accounts receivable team flipped out when she heard this, because she had bought some dishes and the store salesman had convinced her to finance them through the store, rather than her bank card, which turned out to be placed with HFC. Oh, well. It's more of a guideline rather than a rule.

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by Leslie

3 months ago

Asker's Rating: 

Simple....Ask a few Realtors or Escrow Companys in your area. They should know. Each state has different laws.

by Elaine Marie- 3 months ago