If you`ve ever leased furniture or appliances from Acceptance Now, you may be wondering how it impacts your credit report. After all, rental agreements are not loans or credit cards, so do they even show up?
The short answer is yes, an Acceptance Now rental agreement can show up on your credit report. However, it`s important to note that this is not always the case. Let`s dig a little deeper to understand why.
First, it`s important to understand the difference between traditional credit and alternative credit. Traditional credit includes things like credit cards, car loans, and mortgages, which are reported to the major credit bureaus (Experian, Equifax, and TransUnion) and impact your credit score. Alternative credit, on the other hand, includes things like rent payments, utility bills, and yes, rental agreements from Acceptance Now. These types of payments are not typically reported to the credit bureaus unless the consumer specifically requests it.
So, if you did not opt-in to have your Acceptance Now rental agreement reported to the credit bureaus, it will not show up on your report. However, if you did opt-in, it will likely show up as an alternative credit account.
Now, let`s address the second part of the question – can the rental agreement fall off your credit report? The answer is yes, but it may take some time. Just like traditional credit accounts, alternative credit accounts can stay on your report for up to seven years. However, if you cancel your rental agreement before the end of the contract, it may be removed from your credit report sooner. It`s important to note that this will only happen if the account was reported in the first place – if you did not opt-in to reporting, canceling the agreement will not remove it from your report.
In conclusion, an Acceptance Now rental agreement can show up on your credit report if you opt-in to reporting. It can stay on your report for up to seven years, but may be removed sooner if you cancel the agreement early. If you`re unsure whether your rental agreement is being reported, contact Acceptance Now to find out. And as always, be sure to monitor your credit report regularly to stay on top of any changes or discrepancies.