Does Square Capital report activity to any credit bureaus?

[Gerald713]

I think it would be awesome if square somehow reported to the 3 major credit bureaus when you have paid of your loan balance to help build a strong credit score. Let me know if you agree.

[LaDora · Accepted solution]

Hello @Gerald713, 

Thank you for the suggestion! -- Currently, having a loan through Square Capital does not affect your credit score. Offers through Square Capital are based on processing and account history and we do not report to any of the national credit bureaus.

[SturgellDesign]

What's the reasoning behind not reporting? I'd be more likely to use the service again if it was reported.

[Zakiya4263]

Yes it would be please do so...

[Imxdemetri]

Consider this a petition! Anyone whom searches this please leave a reply. So far there are only 7. Square please note the demand for reporting to credit bureaus to assist clients in building credit. 

[Danniella1]

Please DONT! Keep it like it is please! Thanks.

[SQUSERKW]

I agree. Someties one need sto put capital without it being reported! 

This is the ONE reason I pull from my capital! 

[Kardzmatic]

I have payed off 4 loans, on my 5th one now and it would make a world of difference if square reported to credit bureau. 

[StranzSalon]

yes, by all means!! I was hoping this was being reported to help my score go up. Please report Square

[Feedforyou]

In complete agreement! With us being new business owners we are doing our best to build our businesses credit and we have got several loans through square and with you guys not reporting them i dont see us using this service in the future.

[Belangers]

This would be Awesome if they did report the POSITIVE payoff.  I paid off my first loan within 3 months! It would totally help all of us build that credit to keep growing our businesses. I do love this program tho.  I am on my second loan. It help so much with marketing!

[inoutauto17]

Yes we agree completely. We are a small business and reporting to a credit agency for on time payments as well as defaults would be extremely beneficial for us

[Diverfrank]

I too would love to see Square reporting to the credit bureaus - when it comes to credit positive input is necessary.

[drdooley]

Square user says yes to credit reporting.

[Catcomputers]

I also would love it if Square Capital would report on loan payments so we can build credit for our business. Is this still something square is not doing? I thought there were rumors that square was going to start doing this?

[BB_Artistry]

I agree!  As a customer who uses Square almost exlusively for business - it would be a tremendous blessing if Square Capital would report to credit bureaus!...Especially for small business owners who are trying to establish/rebuild credit, etc...

[jmichael]

It would be SUPER if it reported to Dun & Bradstreet, the business credit score keepers. 

[Greenstone]

THANK YOU so much for keeping the Square Capital loans OFF of our credit reports.  The loan is more like a cash advancement after building consistency with business transactions. 

I did not accept offers for some time. But most recently it is the only thing that saved me during the recent Covid-19 pandemic. Furthermore this will not negatively impact my chances for a larger loan if needed as the ban on operating business may continue for months.

Those that are eligible for approval with other agencies can easily build credit elsewhere. The program that Square provides to it's clients supports those that can often be rejected. Considering this global pandemic crisis I am beyond grateful to Square for it's offer and deferment of my first 2 minimal payments as we wait to get back to normal.  PLEASE DO NOT CHANGE A THING!

[Cynjae167]

Okay, but its based on an firm offer of credit in writing, and reporting to the credit agencys is a statutory duty. Their is no legitimate excuse for not reporting when the loan is paid off; not reporting is unlawful.

[reigningreptile]

It's very frustrating that I have paid off nearly $60,000 and get no credit boost for it. I don't know what the bonus is to these loans if it is not reported. 

[HairbyBryanDean]

Only if you are bad with it. This does NOT HELP your credit in Any way. So while it is helpful, it is not the best route to go if you are really wanting to help your credit rating.