Sometimes it feels like life happens at the most inconvenient times: Your car breaks down on the way to work and you have to call off, or you have to make an unanticipated trip to the doctor right after payday. What do you do to make it through till your next paycheck?
If you’re like the 58% of Americans with less than $1,000 saved, these unexpected events feel impossible to manage, especially if you have weak or no credit.1 You may consider taking out a loan to help you make ends meet. But will an installment loan or line of credit with Neighborhood Trust affect your credit score?
Below we have compiled a list of some of the most popular questions about Neighborhood Trust loans and your credit score.
Question: If I apply for a Neighborhood Trust loan will it affect my FICO® score?
Answer: No, Neighborhood Trust does not affect a FICO® credit score, regardless of whether you’re approved or declined. Neighborhood Trust does verify your information via various third-party sources, and an entry from Neighborhood Trust may appear in these sources. We used trusted partners to verify your information and use varying technologies (Norton, McAfee, etc.) to ensure your personal data stays safe. To learn more about fraud prevention and security policies, visit our Online Security Center.
Question: Will Neighborhood Trust check my credit score?
Answer: Neighborhood Trust uses an alternative credit check in which we look at elements of your financial history rather than just checking your credit score. We then use our custom underwriting model to determine whether or not you are eligible for an online loan. If you have defaulted on past transactions, you may be declined for a loan from Neighborhood Trust
Question: Does Neighborhood Trust report my loans or transactions back to the three major credit bureaus?
Answer: Neighborhood Trust does not report any loan or transaction information to the three major credit bureaus (Experian, Equifax and TransUnion). We may report back to the alternative credit bureaus we use, but this will not affect your FICO® credit score. FICO® credit scores are calculated based off the information provided by the three credit bureaus listed above. Your Neighborhood Trust application won’t have any impact on your FICO® score — we do not make an inquiry that would affect it.
Have additional questions about our loan products or the application process? Visit our FAQ page for more on the options available to you by your state, the application process, how repayment works and more. You can also contact us seven days a week by phone, email or chat.
References
1Huddleston, C. (May 15, 2019). 58% of Americans have less than $1,000 in savings, survey finds. Retrieved July 9, 2019, from https://finance.yahoo.com/news/58-americans-less-1-000-090000503.html
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