How Does PatientFi Impact My Credit?

You work hard to protect and build your credit profile.  We want to make sure we are as transparent as possible so you know when and how your credit can be effected when taking out a PatientFi loan. PatientFi's effect on your credit can be summarized as follows:

  1. Initial Application: The initial application process involves a soft inquiry, which does not have any impact on your credit profile. Whether you are approved or denied, you will not see any impact to your credit score.

  2. Payment History Reporting: Once you accept a PatientFi loan, we will report your payment history to the three major credit bureaus: TransUnion, Equifax, and Experian. This reporting includes details such as the loan status, balance, and status of all payments. 

  3. Loan Appearance: PatientFi loans will appear on your credit report as a closed-end installment loan under "PatientFi/Launch."

  4. Late Payments: If you are late on a payment, PatientFi provides a 10-day grace period during which you can make the payment without incurring a late fee. However, if your payment becomes more than 30 days past due, we are obligated to report the delinquent payment to the credit bureaus.


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