I was shopping for home loan financing and I discovered that my lease through Tesla Finance LLC does not show up on my credit report. Does anyone know why that is? My lender told me that perhaps Tesla Finance does not report to the credit bureaus.
Tesla Finance LLC Does Not Report to Credit Bureaus?
- Thread starter LBDan
- Start date
dbldwn02
Member
They probably report to one of them. Check the other two at Annual Credit Report.com - Home Page
If not, they'll report to them when you miss a payment for sure.
If not, they'll report to them when you miss a payment for sure.
FrunkLover
Member
Tesla Finance doesn’t report to the bureaus because it doesn’t have too, it is small enough to avoid doing so. That’s what a rep told me not too long ago. Too bad, would help my credit score!
It could already be helping your score - your outstanding loan is not adding to your debt-to-income ratio.
mrbulk
Member
It certainly helped me when we were buying an investment property last year; not showing the lease helped put me over the top in qualifying for the loan.
I’ve wondered about this. Credit data mining has become such an industry, delivering reports on every aspect of transactions, you would think the more clever companies would want to stay away - both to stay away from commercial data mining and avoid having good customers poached.
FrunkLover
Member
Fair point, though for me it would -- need more installment loans to help boost my score.
Same here, my lease isn’t showing on any credit report. Only the hard inquiry of course. This will definitely help when purchasing a home.
