Does CLEO Report to Credit Bureaus

Does CLEO Report to Credit Bureaus?

There is no definitive public information confirming if CLEO reports all activity to the major credit bureaus. For specifics on what data is shared, particularly for its credit-building products, contacting CLEO's support team directly is the best approach for accurate details.

Generally, lenders report several key events to credit bureaus, including:

• Account Opening: A new credit account is reported, which adds a new tradeline to your credit file.
• Statement Closing Date: Your balance and credit limit are typically reported around your monthly statement closing date.
• Late Payments: Payments are reported as late once they are 30 or more days past the due date.
• Account Status: Major status changes like account closures, charge-offs, or transfers to collections are also reported.
• Credit Limit Changes: Any increases or decreases to your credit limit are often shared with credit reporting agencies.

Who Does CLEO Report Credit Information to?

While CLEO does not publicly disclose all of its credit reporting partners, activity for credit-building products is typically sent to one or more of the three major credit bureaus:

• Equifax
• Experian
• TransUnion

When does CLEO Report to Credit Bureaus?

Unlike some financial institutions that operate on a fixed monthly cycle, there is no set time or specific date when CLEO reports to credit bureaus. The process is more fluid and depends on a variety of individual factors and account-specific triggers. This means the timing can differ from person to person, often aligning with particular activities or changes in your account rather than a predetermined schedule.

How Reporting Can Affect Your Credit Score

Positive impact

• Reporting your consistent, on-time repayments helps establish a positive payment history, the most heavily weighted factor in FICO and VantageScore calculations.
• Adding a new credit account can diversify your credit mix, which may provide a small boost, especially if you have limited credit history.

Potential negatives

• Failing to repay on time will result in negative marks on your payment history, which can significantly and quickly lower your credit score.
• Opening a new credit line slightly reduces the average age of your accounts, which can cause a minor, temporary dip in your score.

Tips for Managing Credit with CLEO

• Regularly check your credit score in the app to monitor progress and spot any unexpected changes or potential errors that could affect your financial health.
• Use the Cleo Credit Builder Card for small, everyday purchases and pay it off on time. This demonstrates responsible credit usage to the major credit bureaus.
• Set up automatic payments for your Credit Builder Card through the app to ensure you never miss a payment, which is a crucial factor for building credit.
• Leverage Cleo’s budgeting tools to track your spending. This helps you manage your finances better, ensuring you have enough to cover your credit repayments each month.
• Engage with Cleo's AI for personalized financial advice and insights. It can help you identify areas for improvement and keep your credit goals on track.

‍

Get More From Your Credit Cards

If you want to unlock more value from your credit cards, Kudos is the leading free browser extension for online shopping. We're also giving new members $20 back after their first eligible purchase—simply sign-up for free with code "GET20" and complete a transaction at a Boost merchant.