Does MoneyLion Report to Credit Bureaus

Does MoneyLion Report to Credit Bureaus?

While credit builder products typically report to major bureaus, MoneyLion’s specific practices can vary. For definitive details on what is shared, contact their support. Generally, certain events trigger updates to your credit file, including the following actions and milestones:

• Statement Closing: Account activity and balance are usually reported to bureaus after your monthly statement closes.
• Late Payments: A payment is typically reported as late only if it is 30 or more days past due.
• New Accounts: Opening a new credit-related account is a reportable event that appears on your credit file.
• Account Status: Changes like paying off a loan or closing an account are also reported to the bureaus.

Who Does MoneyLion Report Credit Information to?

MoneyLion reports your account activity to all three major credit bureaus:

• Experian
• Equifax
• TransUnion

When does MoneyLion Report to Credit Bureaus?

There isn't a single, set date when MoneyLion reports to the credit bureaus. Instead, reporting is typically done on a monthly basis, and the exact timing can depend on several individual factors. These can include the specific MoneyLion product you're using, such as a Credit Builder Loan, your payment cycle, and when you first opened your account. This means your information might be sent to bureaus like TransUnion and Equifax at a different time than another member's.

How Reporting Can Affect Your Credit Score

Positive impact

• Making consistent, on-time payments on your Credit Builder Loan can build a positive payment history, the most important factor in credit scores.
• Adding an installment loan to your file can improve your credit mix, showing you can responsibly manage different types of credit accounts.

Potential negatives

• Any missed or late payments are reported to the credit bureaus, which can significantly damage your payment history and lower your credit score.
• Opening a new loan results in a hard inquiry and lowers your average age of accounts, both of which can cause a temporary dip.

Tips for Managing Credit with MoneyLion

Here are some practical ways you can use the platform to take control of your financial health and build a stronger credit profile.

• Regularly check your credit score and report in the app. This helps you track your progress, spot inaccuracies, and guard against potential identity theft.
• Consider the Credit Builder Plus membership. You can get a small loan and build credit history with on-time payments reported to all three credit bureaus.
• Set up automatic payments for your Credit Builder loan. This simple step ensures you never miss a due date, which is vital for a healthy credit score.
• For short-term needs, use 0% APR Instacash advances instead of high-interest payday loans that can trap you in a cycle of debt and hurt your score.
• Leverage the app's financial tracking tools to monitor your spending habits. A clear budget helps you control debt and improve your overall financial wellness.

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