Financial Services Adds Equifax as Credit Reporter for LoansMar 22, 2016
CASS LAKE (MN) – Leech Lake Financial Services (LLFS) officially became an approved credit reporter to Equifax, a major credit reporting company used in the region. Equifax becomes the second major credit bureau reporting LLFS loans, as LLFS has been reporting to TransUnion since June of 2015.
To report its loans to major credit bureaus, LLFS had to pass inspections of its non-profit corporate status, its loan programs and a physical, on-site inspection of its office, computers and files.
LLFS Director Rob Aitken calls it a major step forward. “When we started reporting to TransUnion last June, it was a big step,” said Aitken
“But, now that we are reporting our loans to both TransUnion and Equifax, we probably doubled or even tripled the positive impact our loans have in the credit world. We are extremely excited about the addition of Equifax.”
TransUnion is a major credit bureau used nationwide with some local banks and creditors using its services. Equifax is more widely used by the banks and creditors in northern Minnesota and the areas in and around the Leech Lake area. Now the LLFS loans have a both a national and local impact, which is a benefit to all clients of LLFS.
LLFS manages over 250 consumer and commercial loans. Since its inception in 2013, LLFS made over $1M in consumer and commercial loans and provided financial training to over 300 individuals on the Leech Lake Reservation.
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