Do personal loans show up on credit reports? - Upstart Answers (2024)

FAQs

Does Upstart show up on a credit report? ›

Checking your rate on Upstart will not affect your credit score. When you check your rate, we make a “soft credit inquiry." Soft credit inquiries may appear on your credit report and do not lower your credit score.

When you check your rate, Upstart will check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, Upstart will do another (hard) credit inquiry that will impact your credit score.

Personal loans could be reported to the three major credit bureaus—Experian®, Equifax® and TransUnion®. If yours is, the loan may be considered when your credit scores are calculated. That means that a personal loan could hurt or help your credit scores.

Applicants with Upstart must have a minimum FICO or Vantage score of 300 as reported by a consumer reporting agency. Note, we do accept applicants with insufficient credit history to produce a credit score.

It is more common for a personal lender to verify your income, either with tax documents or bank statements, but the lender can absolutely call your employer to verify your status if they feel it's necessary to do so.

Upstart personal loans are best for people with bad credit and therefore less of a chance of approval with other lenders. Upstart approves loans for borrowers with a credit score as low as 300, also considering their education and employment.

Once you take on high-interest debt, digging your way out can be challenging. Also, no-credit-check lenders—specifically payday loan lenders—may not report your new loan or your loan payments to the three credit bureaus (Experian, TransUnion and Equifax), so repayment may not help you build your credit history.

Taking out a personal loan isn't bad for your credit score in and of itself. However, it may affect your overall score for the short term and make it more difficult for you to obtain additional credit before that new loan is paid back.

Upstart has an obligation to report the true and accurate status of your account every 30 days on your due date. This means that account information is collected on the due date each month, then provided to Transunion, Equifax, and Experian within 10 calendar days from the due date.

Accepts borrowers with bad credit or thin credit histories: Upstart accepts borrowers from across the credit spectrum and also considers applicants with thin credit histories or no credit score. To the extent an applicant has a credit score, Upstart accepts scores as low as 300, which is lower than most lenders.

Does Upstart verify income? ›

Find your income type below to see what document we'll accept to verify your source of income. We will require different documentation depending on your employment status. A pay stub within the last 30 days is needed to verify your income, if you receive a pay stub, please provide one.

Upstart reports payment to all three major credit bureaus (Equifax, Experian and TransUnion), so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

There are no penalties or fees associated with paying off your loan early. You are only responsible for the amount of interest accrued until the date of payoff. If your account has recurring payments on, any payoff amount on or after that date assumes the recurring payment scheduled will be successful.

Lenders report on each account you have established with them. They report the type of account (credit card, auto loan, mortgage, etc.), the date you opened the account, your credit limit or loan amount, the account balance and your payment history, including whether or not you have made your payments on time.

New Credit and Personal Loan Application

Every time you apply for a new loan, your credit score falls slightly. This is the reason why it is said that you should avoid applying for loans at multiple lenders within a short duration.