Credit Reports and LendingClub.com

Well it seems I may have opened my mouth a little too soon.  During a post on 10/30/2008 I reviewed the borrowing process at LendingClub.com.  One of the pros I mentioned was “The loan has never shown up on Experian ( it has been over a year) .  This is great for people wanting to consolidate debt.  Your credit score rises as you use the loan to pay off credit cards and your debt to income percent falls.”

As of today, a year and one month after I recieved a loan from lendingclub.com, they have finally reported to experian.  The loan is categorized as an installment debt with fixed payments which is not a bad hit on the credit score. In fact, after the loan was reported, my score did not budge.  

LendingClub.com did report immediately to transunion and equifax.  Until today, it had seemed that experian was forgotten.  This news should not stop you from consolidating debt with a peer lending site.  If you can receive a loan at a lower interest rate with fixed payments while paying off unsecured revolving debt, your credit score should still rise.

E.M.