Getting a personal loan to build credit can be a smart move, but how can you be sure that your credit score is climbing as you regularly make payments on your loan?
It’s called credit reporting, and it’s a really important piece of the puzzle.
The Three Major Credit Bureaus
At World, we report to all three major credit bureaus: Experian, Transunion, and Equifax. These are private companies that compile all the data that we provide — your loan balance, the amount due, the amount paid, your account status — for your credit report.
Why All Three?
Not all creditors report to all three of the credit bureaus; some only report to one or two. When this happens, it can cause trouble. Items from one report can seem to contradict items from another. You may have a higher credit score from one bureau and a less-than-perfect score from another, bringing up disputes and making it more difficult for you to move forward with those big life purchases.
Personal Loans to Build Credit
When we report to all three credit bureaus, we honor your choice to get a personal loan to build credit. Making sure we report all behavior, especially the good, helps your credit score steadily grow as you make on-time, consistent payments on your loan.
We can’t control which credit bureau your future lender will pull from, but we can help make sure our reporting is consistent and accurate. It’s just another way we’re here to help you Unlock Your Financial Good.