We believe credit score doesn't fully reflect a borrower's creditworthiness. We look beyond your credit score and review alternative transaction history with additional data such as bank account age, income, balance, existing/previous loans and other factors.
Additionally, we do an identity and fraud check with our partner, Clarity Services, but our checks with them will not impact your traditional credit score.
One of the goals for a Fig Loan is to help you rebuild your credit. We start reporting your loan on your credit report once it is open, and we continue reporting until the loan is paid off or closed.
Repayment history is one of the key factors that determines your credit score. Timely repayment may increase your credit score, especially if your previous credit history is thin or in need of repair. However, missed payments resulting in delinquencies may harm your score.
Important Notes:
- Applying for a loan with us doesn't impact your traditional credit score.
- Late payments may negatively impact your credit score, and for each increment of 30 days that a payment is late, the impact may get worse.
- The credit bureaus may view paying a loan off as closing a line of credit, which can sometimes lower your score.
For more information on how Fig Loans affect your credit score, head to How Fig Loans' Installment Loans Affect Your Credit Score