Are you interested in progressive leasing and want to know if they report to credit bureaus? Perhaps you want to know if you can use progressive leasing to boost your credit score?
Or maybe you are worried about what progressive leasing could do to your credit? Whatever your reason might be, we have the answer for you!
We know how stressful money can be, especially when you need to make a big purchase but don’t have the funds to do so.
You find yourself exploring all your options, and before you know it, you are stuck in a loop of endless scrolling, unable to find the answers you need and stressed beyond belief.
Well, no more! Today we are here with the answers you need. Keep reading to find out if progressive leasing reports to credit bureaus or not and everything you need to know about them!
What Is Progressive Leasing?
For those in the room that need it, let’s have a quick recap! Progressive Leasing is a lease-to-own company that is super easy to use! Following an easy application online or via their app, you can apply for leasable items in various stores.
Progressive Leasing allows you to spread the cost if you need a new television or refrigerator but cannot afford to make the payment straight away.
You select the item you want online or in-store, making an initial payment when signing your lease. Then you wait until your item arrives. This can take longer for those that make their applications and payments online.
You then have ten days after you receive your application to make your next payment. Once your item arrives, your lease begins, and you start making your payments.
The standard agreements give you 12 months to make your payments. Once you have made the final payment, you will own the item and not make more payments.
There are options to pay the full amount early if you can, but be mindful that there are added costs to this, and it usually ends up costing more.
Be sure that when you apply for the lease, you can afford the repayments.
Failing to make the payments on time can leave you in financial distress. If you do struggle to make your payments, be sure to speak to Progressive Leasing or a financial advisor for more information.
Does Progressive Leasing Report To Credit Bureaus?
Let’s get into it! No, Progressive Leasing does not report to credit bureaus. Typically, no lease-to-own companies report your payment history to credit bureaus, meaning they are not included in your credit report.
You don’t need to worry about your credit score being impacted in any way using these leasing schemes.
It also means that those with poor credit often have a better chance of being accepted to these programs. It’s best to check the criteria before applying, though, to ensure that you are eligible for Progressive leasing.
Often when applying for Progressive Leasing, they will perform a credit check to ensure that you can make the payments on time.
While there can be a better acceptance rate on these leases than personal loans, the credit check will appear on your credit report. Lots of checks in a short time can damage your credit score, lowering it and making it harder to secure loans in the near future.
Be sure to only apply for Progressive Leasing to avoid this happening if you are fairly sure you will be accepted. Often, credit checks will stay on your report for two years, so you only want them there if you are sure you will be accepted!
As Progressive Leasing does not report to credit bureaus, you cannot use this as a way to improve your credit.
Often, proof that you have borrowed money and are making the repayments on time and in full will boost your credit score and allow you to secure larger loans or mortgages in the future.
Progressive Leasing’s website is clear that they do not report to credit bureaus, meaning you cannot build credit with them. Whether that will change in the future is unclear, but you never know what’s around the corner!
For those that want to use lease-to-own schemes to bolster their credit score, it’s worth shopping around to see if other companies allow this. Some will as standard, meaning as long as you don’t miss a payment, you can expect your credit score to grow.
As your score continues to grow, you will find it easier to apply for credit cards, loans, or mortgages. When applying for any of these, you have the funds available to make the repayments.
If the company does not automatically report your payments to credit bureaus, you can ask them to. It can be hit and miss whether lease-to-own schemes will agree to send your information to credit bureaus, but it’s worth asking!
It’s often best to ask before proceeding with them so that you can find a company that will report your information to credit bureaus if you wish.
Alternatively, you can always ask them not to report your payments if you wish. Again, it can be hit and miss with companies that already share your information with credit bureaus, but it’s worth asking all the same.
If they aren’t willing to not share your details, there are plenty of other companies (like Progressive Leasing) that won’t share your payments with credit bureaus!
It’s an excellent option for those that want to spread the payments of their bigger purchases without the need to take out loans or run the risk of damaging their credit score.
And there you have it! Progressive Leasing will not report your information to credit bureaus. If you don’t want the payments to be reported to credit scores, then Progressive Leasing is a fantastic option to choose.
Remember to check the application process beforehand to ensure that you have a good chance of being accepted.
Be sure not to make purchases that you cannot afford to avoid landing yourself in financial difficulty. If you do find yourself in this situation, be sure to speak to someone for tailored advice.