Does Planet Fitness Report to Credit Bureaus

Does Planet Fitness Report to Credit Bureaus?

Planet Fitness does not typically report your monthly membership payments to the major credit bureaus. However, if your account becomes severely delinquent and is sent to a collections agency, that agency will likely report the unpaid debt. For definitive details, it's best to contact Planet Fitness support directly.

• Missed Payment Date: Failing to pay your membership fee by the due date is the initial trigger for delinquency proceedings.
• Late Payment Threshold: Accounts are often reported after being delinquent for 30 days, with increasing severity at 60 and 90 days.
• Sent to Collections: When a collection agency buys your debt, they will almost certainly report it to the credit bureaus.
• Account Charge-Off: The original creditor writing off your debt as a loss is a significant negative mark on your report.

Who Does Planet Fitness Report Credit Information to?

Planet Fitness does not report your payment history to credit bureaus, but if your account goes to collections, the debt collection agency will report it to the three main bureaus:

• Equifax
• Experian
• TransUnion

When does Planet Fitness Report to Credit Bureaus?

Planet Fitness does not follow a set schedule for reporting to credit bureaus. Instead, a report is typically triggered by specific events related to an individual's account, primarily when an unpaid balance is sent to a third-party collections agency. This process usually begins after a membership account has been delinquent for several months, but the exact timeframe can vary depending on the franchise owner's policies and the specifics of the account. Consequently, there is no universal timeline; the reporting depends entirely on when an account's delinquency prompts action from a collections service.

How Reporting Can Affect Your Credit Score

Positive impact

• Consistently making on-time payments can build a positive payment history, the most significant factor in raising your FICO and VantageScore credit scores.
• Adding a new type of tradeline, like a gym membership, can diversify your credit mix, which may slightly improve your overall score.

Potential negatives

• A single missed or late payment reported to the bureaus can damage your payment history and cause a significant drop in your score.
• If you default on your membership fees, the debt could be sent to collections, creating a severe negative mark on your credit report.

Tips for Managing Credit with Planet Fitness

Staying on top of your membership payments is key to a stress-free fitness journey. Here are several practical ways to manage your credit effectively while enjoying your Planet Fitness membership:

• Set up autopay: Ensure your monthly dues are always paid on time by enabling automatic payments. This simple step helps you avoid late fees and potential credit issues.
• Monitor your statements: Regularly review your bank or credit card statements to confirm Planet Fitness charges are accurate and to catch any billing errors early on.
• Understand cancellation terms: Before signing up, thoroughly read the cancellation policy. Knowing the required notice period and procedure can prevent unexpected charges if you decide to leave.
• Update payment information: If your credit card expires or you switch banks, update your payment details with Planet Fitness immediately to prevent failed payments and associated fees.
• Communicate with your club: If you face financial hardship, speak with the club manager. They may offer options like freezing your account, which can help protect your credit.

‍

Get More From Your Credit Cards

For those wanting to maximize their credit card benefits, Kudos stands out as the premier free tool for online shoppers. Better yet, you can receive $20 back after your first qualifying transaction by using code "GET20" when you sign-up for free and make a purchase at a Boost merchant.