How does my loan impact my credit report?
When you apply for a loan with One, there is a soft credit check. There is no negative impact to your credit score when applying. If approved, your payment history may be reported to the credit bureaus.
Will applying for a loan with One lower my credit score?
Applying for a loan with One requires a soft credit check that should not lower or impact your credit score.
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 “One / CCB” on your credit report. CCB stands for Coastal Community Bank, who 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?
If you don’t see your most recent payment on your credit reports, don’t worry, it may just take time for the bureaus to update your report. Generally speaking, 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.
We report to the bureaus once a month. Given that your credit report is a snapshot of your credit history at a specific time, your payment may have been outstanding and not yet paid at the time we provide the report to the bureaus.
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. 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 bill?
A late fee of $5 will be applied to your loan. You will also incur interest, increasing the overall cost of your loan.