What's included with Perpay+?
By enrolling and successfully activating Perpay+, you’ll unlock access to major perks:
Build credit with Marketplace orders and healthy order payment history.
Credit monitoring dashboard to watch your credit score grow.
Unlock smaller payment options.
Access to a higher spending limit over time.
Please know that your account will qualify for credit building through Perpay+ after completing four months of on-time payments exceeding $200, but you will instantly receive access to smaller payment options upon activation!
By electing to enroll in Perpay+ you agree to the application of a $3 monthly fee to your Perpay Marketplace account. The $3 monthly fee will only be applied if you have an active Marketplace order during that monthly cycle.
How does credit building with Perpay+ work?
After electing to enroll in Perpay+, you will qualify for credit building after completing four months of on-time payments exceeding $200.
Once you qualify for credit building, we will help you build credit with the three major credit bureaus (Experian®, Equifax® and TransUnion®) by:
Establishing a tradeline on your credit report
Reporting up to 24 months of your past payment history
Reporting all future direct deposit payments
As you shop, order, and pay towards your Marketplace orders with Perpay, you’ll also build your credit history!
*Please note that Marketplace orders must be completed with consistent, on-time payments in order to qualify for credit building. Some accounts may not qualify for credit building due to performance on the Perpay platform. Please direct any questions about this to our Customer Success Team.
When do I get access to smaller payments with Perpay+?
As soon as you activate Perpay+, you will immediately get access to smaller payment options for Marketplace orders!
We will begin reporting your payment history to the credit bureaus once you complete four months of on-time payments exceeding $200, and you will continue to have access to smaller payment options for Marketplace orders throughout your Perpay+ experience.
Which credit bureaus does Perpay report to?
We report to the three major credit bureaus - Experian®, Equifax®, TransUnion®. Perpay reports your payment history on a monthly basis.
When will Perpay start reporting my payments?
If you have already completed four months of on-time payments exceeding $200, we will report up to 24 months of your payment history to credit bureaus upon receiving your first payment for Perpay+ after activation.
If you have not yet completed four months of on-time payments exceeding $200, your payment history will be reported as soon as you meet those requirements! *Perpay+ must be activated for credit bureau reporting to occur.
Future Marketplace order payments will also be reported to Experian®, Equifax®, TransUnion®. If you have been making payments to Perpay for over two years, your credit report will display the 24 most recent months of payment history information.
How does the Perpay+ fee work?
Access to Perpay+ is only $3 per month. The $3 Perpay+ fee is automatically applied to your active Marketplace order amount and paid through your existing direct deposit payments to Perpay.
Perpay+ is free when you are not actively paying down a Marketplace order!
If I do not want to activate Perpay+, will anything happen to my account?
Nope! If you do not elect to enroll in Perpay+, we will not report your payments to the credit bureaus. You will still have the convenience to shop the best brands and pay over time directly from your paycheck, with no interest, fees, or impact to your credit score!
Am I able to turn off Perpay+ after I activate it?
As soon as we receive your first Perpay+ payment, we will begin reporting your payment history to the three major credit bureaus. After reporting has begun, we will continue reporting until your Marketplace orders are paid in full. If you wish to close the Perpay tradeline after your Marketplace orders have been paid in full, please reach out to our Customer Success Team.
*If we have already reported your Marketplace payment history, and you choose to turn off Perpay+, you cannot re-enable credit reporting with Perpay+ for future orders.
**Please keep in mind that closing your Marketplace account will not remove the Perpay history from your credit report.
If we have not already begun reporting your payment history to the credit bureaus, you may turn off Perpay+ at any time. If you wish to turn off Perpay+, please reach out to our Customer Success Team before your first Perpay+ payment.
*You may activate Perpay+ again at a later date if we have never reported your Marketplace payment history.
How can Perpay+ help build my credit score?
Perpay+ can help build credit by reporting your automatic direct deposit payments to the three major credit bureaus - Experian®, Equifax®, TransUnion®. As you shop, order, and pay down your Marketplace orders with Perpay, we will report your payment history to the three major credit bureaus.
There are a few things that get factored into your credit score: payment history, credit use, length of credit history, credit inquiries, and credit mix. Consistent on-time Marketplace payments can help build your payment history, increase the length of your credit history over time, and has the potential to balance out your credit mix.
The best place to learn more about how your credit score may be affected is with Experian®, Equifax®, TransUnion® themselves. To learn more about the factors that affect your credit score, please click here!
How does Perpay+ allow me to monitor my credit?
Your credit score will be displayed on your Perpay+ dashboard after you activate Perpay+! You will also be able to monitor your score changes over time and view personalized factors affecting your credit.
What does VantageScore mean? Is that similar to FICO?
VantageScore® is a credit score that was developed by the three national credit bureaus –– Experian®, Equifax®, TransUnion®. Unlike FICO, the VantageScore uses only one model with one set of scoring calculations––this results in scores that are more uniform across all three credit reporting agencies.
To learn more about the factors that affect your credit score, please click here!
How are my credit factors determined?
VantageScore credit factors are grouped into the following categories:
Payment history - Extremely Influential
Age and type of credit - Highly Influential
Percentage of credit limit used - Highly Influential
Total balances and debt - Moderately Influential
Available credit - Less Influential
Recent credit behavior and inquiries - Less Influential
To learn more, please click here!
Why hasn't my score changed?
The credit score you see on Perpay+ is based on your most recent Experian®, Equifax®, TransUnion® credit reports. If you recently made a payment to Perpay or other changes, they may not be reflected in your credit report yet!
If you are new to Perpay+, don’t worry! Credit building takes some time. Good credit habits, like consistently making on-time payments to Perpay, among others, will help your credit score grow faster.
How will my available credit show on my credit report after activating reporting with Perpay+?
Reporting with Perpay will open up a new tradeline on your credit report which will display as Perpay.
Your available credit with Perpay on the report will match the available spending limit you have within the Perpay Marketplace. As your spending limit increases, so will your total credit limit on your credit report.
If I am not currently paying off an order through Perpay, will you continue to report my history?
Yes! We will continue to report your Perpay Marketplace account even if you currently do not have any active orders or active payments. If your Marketplace orders have been paid in full, Perpay will continue to appear on your credit report as unused available credit, which may have a positive impact on your credit score!
Even better, you will not be charged the monthly fee for Perpay+ while you are not actively paying down a Marketplace order.
What should I do if I find an error on my credit report related to Perpay?
If you see an error on your credit report, we are happy to discuss your Perpay Marketplace account & review any information that you feel is inaccurate or incomplete! Please reach out to our Customer Success Team if this is the case.
If you believe that we have reported inaccurate information about your Marketplace account to a credit bureau or other consumer reporting agency, notify us in writing at 2400 Market Street, Suite 300 Philadelphia, PA 19103.
When you write, tell us the specific information that you believe is incorrect, why you believe it is incorrect, and provide any information or documentation that supports your belief.
You can also contact Experian®, Equifax®, TransUnion® directly for questions related to modifying your credit report at the links below.
Future Perpay+ Perks
We are always looking for ways to improve your experience with Perpay+. If you have any ideas for new perks or features, contact us here. We’d love to hear from you!