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Frequently Asked Questions About Credit Scores


You Asked, We Answered: Credit Scores


Here at Net Pay Advance, we know that keeping track of your credit score can get confusing and even stressful. Trying to figure out what things you should look out for or even just what your credit score means can get tricky, and seeing as credit scores are directly linked to your finances, it’s important that you do get educated about your credit score. Luckily, we’re here to help.

Some of our most frequently asked questions are inquiries about credit scores. We gathered all of them in one place – right here – to answer all your questions at once.


1. Do payday lenders look at my credit score?

Payday loan lenders typically do not do a credit check. Most lenders prefer to look at other things, such as your bank activity, and do income verifications instead of credit checks. This is because, if you have a source of income to pay off the loan, most lenders don’t believe your credit score is an accurate representation of your ability to pay back a loan. However, some payday lenders will run a credit check, so be sure to do your research on every lender.


2. What happens to my credit score if I go to collections?

If you fail to pay back your loan on time, your account will automatically be sent to collections. This has no immediate effect on your credit score, but if you continue to not to take care of your debt, chances are your credit score will be affected. This is due to the fact that if a payday lender is unable to retrieve payment from you for your overdue balance after a certain period of time, they could release your debt to a third-party collections agency. This will negatively impact your credit score. We highly recommend taking care of your payment while it is in the hands of your lender.


3. Where can I see my credit score?

The quickest and easiest way to see your credit score is to use one of several credit reporting sites. We recommend CreditKarma.com, CreditSesame.com, or Credit.com, as these sites are completely free and will give you your credit score at no cost. You will have three different scores based on each of the three credit bureaus: TransUnion, Experian, and Equifax. You may see differences on each report due to the following reasons:

  • Not all your credit information was reported to each bureau
  • You may have applied for credit under different names (such as a maiden name)
  • Credit bureaus may display information differently


4. What does a write-off mean on my credit report?

A write-off on your credit report is one of the most detrimental things to your credit score and, as a consumer, should be avoided at all costs. A write-off occurs when a lender is unable to collect a debt owed to them after a reasonable amount of time has passed and thus determine collecting the payment as unrealistic. They “write-off” the debt as a loss, saying that they will not be receiving a payment on the debt and therefore are no longer responsible for it. A write-off on your credit report says, to anyone that sees it, that you are either unable or simply unwilling to pay off your debts.


5. What if I see something on my credit report that is inaccurate?

Credit reports reflect information such as how you pay your bills, if you’ve ever filed for bankruptcy, if you’ve been sued, and other relevant information. When checking your credit report, it’s crucial that you make sure all the information shown is up to date and correct. If you do find any discrepancies, such as a paid debt that is marked unpaid, file a dispute via the credit reporting company. Get in contact with the agency related to the error and ensure that you have taken care of the responsibilities on your end.



It’s important to keep your credit score healthy. Your credit rating is what allows you to get other types of loans such as home or car loans, and negative marks on your credit report can severely damage your chances at earning the favor of other lenders. We suggest checking your credit score regularly and doing the most that you can to protect it.



Tuesday, December 18, 2018
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  • When are you going to offer installment loans in California?
    12/19/2018 6:31:19 PM
    • We don't have a set schedule when or if we will release this product into new states, but we will let our customers know as soon as we have a definite answer! 

      Net Pay Advance
      12/19/2018 7:08:30 PM