Credit Bureau Reporting And Your Fig Loan

Modified on Thu, 19 Jun at 3:01 PM

A credit bureau is a company that collects and maintains information about your borrowing and repayment history. Lenders use this information to assess your creditworthiness when you apply for loans, credit cards, or other financial products.

In Canada, there are two main credit bureaus: Equifax and TransUnion. Fig currently reports your loan information to TransUnion, and will soon begin reporting to Equifax as well.

What information does Fig report?

Fig reports both past and future loan account activity, including:

When your loan account was opened
Your full payment history, including on-time payments and any missed or late payments
Your current loan balance and repayment progress
When your loan is fully paid off

How often is information reported?

Fig provides monthly updates to the credit bureaus. This means it can take up to a month for new information about your Fig loan, such as payments or missed payments, to appear on your credit report.

Deferrals & Your Credit Report

Deferring a payment on your Fig loan will not negatively affect your credit score. During the deferral period, your credit report remains unaffected with no negative impact on your account status or payment history.

Late or Missed Payments

Fig allows a 30-day grace period before reporting late or missed payments to the credit bureaus. If a payment fails, you have 30 days to make the payment before it is reported as late or missed, which could impact your credit score.

Please note, a $45 Non-Sufficient Funds (NSF) fee is charged when a payment fails. However, if you make the payment within 3 days of the failed attempt, this fee will be waived.

How On-Time Payments Benefit Your Credit Score

Making payments on time helps build and maintain a strong credit score by demonstrating responsible credit management. Your positive payment history is reported to credit bureaus, which may improve your credit profile and help you qualify for better credit products in the future.

Disputing Errors on Your Credit Report

If you notice any inaccuracies on your credit report, you can file a dispute directly with the credit bureaus:

If you have questions about your Fig loan or credit bureau reporting, please contact our support team at support@fig.ca and we’ll be happy to assist.