When you opt into Sezzle Up, you are choosing to report your payment history to the credit bureaus. You can increase your credit score over time by making all your payments on time and in full.
- What exactly is reported to the credit bureaus?
- What is not reported to credit bureaus?
- How do I view my credit score?
- Want to learn more about how to build your credit?
What exactly is reported to the credit bureaus?
Sezzle Up is considered a revolving line of credit (similar to a credit card). At the end of each month, we review the overall standing of your account, including your outstanding balance and payment status. That month-end standing is reported to the credit bureaus; if you accidentally had a payment fail in the middle of the month but quickly fixed it, we would not count that as a failed payment, and it would not negatively impact your credit score. However, if you didn't fix the payment, once it's overdue by 30 days, it will be reported on that month's snapshot.
Note: Credit reporting is only available to shoppers enrolled in Sezzle Up. At this time, if you are not enrolled in Sezzle Up, we don’t report your payment history to credit bureaus.
- On-time payments:
- Making your Sezzle payments on time is the best way to ensure your credit score will improve over time.
- On-time payments are reported to the credit bureaus at month-end. As long as payments are not late or failed past 30 days, they will be reported as on time.
- Failed or late payments:
- If a failed payment occurs on your account, it will be reported to credit bureaus if not resolved within 30 days.
- If a failed payment is overdue by 30 days, it will be reported on the monthly report beginning in the first month that it's 30 days overdue.
- For example, if you have a failed payment on January 10th, it would not be reported in January. However, if it's still not resolved by the end of February, it would be reported in February and every additional month that it isn't resolved.
- The longer a payment is failed on your account, the worse the impact will be on your credit score over time.
- If a failed payment occurs on your account, it will be reported to credit bureaus if not resolved within 30 days.
To learn more about how payment history and other factors impact your credit score, please check out this Sezzle U blog post: https://my.sezzle.com/financial-wellness/what-impacts-my-credit-score/.
How do I view my credit score?
Most Sezzle Up users use the following tools to view their credit score:
- US: Sign up for Credit Karma
- Canada: Sign up for Borrowell
Want to learn more about how to build your credit?
If you have more questions about how your credit can be impacted by lines of credit, credit cards, or loans, we recommend reaching out to a trusted financial advisor.
For additional information and resources to help you build your credit, please visit our Sezzle U blog.