The top most common questions about Equifax
What are the recent Equifax changes? | Equifax is no longer reporting personal installment loans under $350 on their consumer credit reports. Any existing loans under $350 will be removed, along with all associated payment history. Unfortunately, that includes Kikoff’s $12 installment loan. |
Does this affect all Kikoff loans? | No, Equifax’s changes do not affect the Kikoff Credit Account. If you’re not familiar with Kikoff Credit, it’s our new-and-improved credit builder. Kikoff Credit starts with a $500 revolving line of credit. You can learn more details on our recent blog post. Equifax’s recent change only affects Kikoff’s $12 installment loan. |
Are all $12 loans affected? | There is one exception – if Kikoff’s $12 loan is your one and only tradeline on your Equifax report, then Equifax has agreed to continue reporting your $12 loan. If you believe you qualify for this exception and your $12 loan was mistakenly removed from your Equifax report, please contact us at support@kikoff.com. |
What about my payment history with Equifax? | Equifax will be removing the $12 loan and all associated payment history from their consumer credit reports. Unfortunately, this means there won’t be any payment history of your $12 loan with Equifax. |
When are Equifax’s changes going into effect? | Equifax will remove Kikoff’s $12 loan from consumer credit reports, starting on Friday February 12th, 2021. It may take 1-2 weeks for your account to be affected. All accounts are expected to be updated by the end of the month, by Saturday February 28th. |
How will this affect my Equifax credit score? | We can’t comment on how exactly this removal will affect your individual credit score since, frankly, we just don’t know! Credit scores are calculated by the credit bureaus (not by Kikoff), and there are many different factors. This means that everyone has a unique and personalized credit journey. Keep in mind that other changes in non-Kikoff accounts would also impact your credit score. |
Do Equifax’s changes only affect Kikoff? | As far as we know, Equifax’s decision should affect all personal installment loans under $350 equally. You might have already heard of this affecting other lenders. |
Is there anything I can do to change this? | Unfortunately this is not a decision that can be appealed or changed on an individual basis and this affects all Kikoff accounts equally (except for the 1 exception listed above). However, Kikoff is proud to offer another credit-building solution that does report to Equifax and Experian – the Kikoff Credit Account. If you’re not familiar with Kikoff Credit, it’s our new-and-improved credit builder. Kikoff Credit starts with a $500 revolving line of credit. You can learn more details on our recent blog post. |