How does my loan impact my credit report?
When you apply for a loan with One there is a soft credit check, which will not have a negative impact on your credit score. If approved, your payment history may be reported to the credit bureaus.
What is a credit score?
A credit score is a number that credit bureaus use to help lenders assess creditworthiness.
What account should I look for on my credit report?
Your loan should show up as “OneProgress Services LLC or One/CCB” on your credit report. CCB stands for Coastal Community Bank, which partners with One to provide the loan to you.
When do you report to the credit bureau?
One reports each One Loan account monthly to the credit bureaus.
Why does my credit report not show as paid for the most recent month?
It may take a few weeks for credit bureaus to update your credit reports. They are not a real-time picture of what your credit looks like now.
What should I do if I see incorrect information on my credit report?
If you see something that isn’t accurate on your credit report, you can dispute it by contacting the creditor directly or by contacting any of the three major credit bureaus.
To submit a credit reporting dispute with One, please contact the Customer Service team or say Agent in chat to speak with a One Specialist. Credit bureau reporting disputes and documentation can be emailed to documents@one.app or mailed to One Finance, Inc., PO Box 513717, Los Angeles, CA 90051-3717.
What will happen if I can’t pay my loan?
A late fee of $5 will be applied to your loan. Since One uses the daily simple interest method to calculate interest, interest accrues daily on your outstanding loan balance. As a result, late or partial payments may increase the overall cost of your loan. Additionally, late payments may be reported to the credit bureaus.