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What Credit Bureau does Aqua Finance Use?

Sarah Edwards | February 15, 2024

Sarah Edwards
Legal Expert
Sarah Edwards, BS

Sarah Edwards is a professional researcher and writer specializing in legal content. An Emerson College alumna, she holds a Bachelor of Science in Communication from the prestigious Boston institution.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Avoid falling behind on your Aqua Finance payments to keep a good credit score.

Summary: Aqua Finance offers consumer loans for home improvement projects. If you have a loan with Aqua Finance, making timely repayments is critical to avoid damage to your credit score. Aqua Finance typically reports late and missed payments to all three credit reporting bureaus: TransUnion, Equifax, and Experian. If you get sued by Aqua Finance, use SoloSuit to respond.

Most homeowners enjoy updating their homes, whether they’re installing a new pool, renovating the kitchen, or adding a water purification tank. However, home renovations aren’t cheap, so many people turn to outside financing for help.

Aqua Finance offers loans for home improvement projects like water treatment systems, HVAC units, pools, and spas. To obtain a loan, the homeowner must work directly with a contractor or company that collaborates with Aqua Finance.

Why people choose Aqua Finance

Contractors want to serve as many people as possible. After all, more projects results in higher revenue. However, some homeowners don’t have thousands of dollars to pay for the services they want. They’ll need a loan to pay for their project.

To make the lending process more accessible, some contractors work directly with specialty finance companies like Aqua Finance. These contractors can recommend Aqua Finance to homeowners who need financial assistance.

Homeowners may find Aqua Finance attractive since it specializes in home improvement loans. It’s also convenient since their contractor has a relationship with the company. They won’t need to look for a loan themselves or seek a home equity line of credit (HELOC).

Is Aqua Finance suing you for unpaid debt? Respond to the Complaint with an Answer.

How does an Aqua Finance credit agreement work?

Aqua Finance offers two types of loans: installment contracts and revolving lines of credit. In an installment contract, the consumer pays a fixed amount throughout the life of the loan. There aren’t any surprise interest charges, and the contract ends on a specific date unless the consumer pays the balance off early.

With a revolving line of credit, the consumer makes monthly payments toward their balance. If they decide to use the contractor for additional work in the future, Aqua Finance simply adds the new balance onto their loan and modifies their minimum monthly payments.

Financing terms for an Aqua Finance loan aren’t available through the company’s website. However, a few review websites report that interest rates vary from 6.99% to 17.99% and that promotional zero-interest financing is occasionally available.

To obtain a loan from the company, the homeowner must work with a contractor who partners with Aqua Finance. The contractor will handle the loan application. If approved, Aqua Finance will purchase the loan contract and supervise the repayments.

What happens when you stop making payments to Aqua Finance?

Like any creditor, Aqua Finance will take notice if a borrower stops making their minimum payments. A few days following a missed payment, you’ll probably start receiving phone calls, text messages, emails, and letters from the company. The company may begin legal proceedings against you if you don't resume your payments.

If Aqua Finance sues you for debt, you must take action quickly. Aqua Finance can seek a judgment through a lawsuit, which it can use to garnish your wages, freeze your bank account, or seize other assets.

Due to the nature of Aqua Finance’s loans, most borrowers carry balances of $5,000 or more. It can be challenging to come up with thousands of dollars in less than a month, so staying on top of payments from the start is crucial.

Aqua Finance will report your late payments to credit reporting bureaus

Most lenders report late and missed payments to the credit bureaus. A late payment on your credit report can drop your credit score by over 100 points, making it difficult to obtain new loans from other creditors.

Repeated late payments will hurt your score even more. Aqua Finance typically reports late and missed payments to all three credit reporting bureaus: TransUnion, Equifax, and Experian.

Let’s look at an example.

Example: Cindy decides to install a new hot tub in her backyard. She hires a contractor who tells her that he works with Aqua Finance. Cindy applies for a loan with the company and is approved for $10,000. After the contractor finishes the job, she makes regular payments to Aqua Finance. Unfortunately, Cindy loses her job and misses a few payments. Aqua Finance reports her late payments to all three credit reporting bureaus, lowering her credit score by 100 points. She resumes payments once she gets a new job. However, it takes over a year for her credit score to recover.

Review financing terms carefully before accepting a loan

Whether you’re applying for a mortgage, a credit card, or another type of loan, it’s critical to understand the lender’s terms. You should understand the repercussions of late or missed payments.

Your credit score impacts your ability to obtain future loans. It can also affect your ability to get a job or apartment. Only accept a loan if you feel comfortable with the lender’s financing terms and don’t foresee any repayment problems.

Need help validating an Aqua Finance debt? Try SoloSuit’s Debt Validation letter.

Settle a debt with Aqua Finance

Getting sued for debt sucks, but you still have options, even after a lawsuit is filed.

If you’ve been sued by Aqua Finance, debt settlement may be your way out. Debt settlement is the process by which a debtor pays off a lump-sum portion of their debt in order to satisfy the obligation for good.

Debt collectors and creditors are often willing to work with debtors who cannot afford to pay off a debt in full. Beware that debt settlement can have a negative impact on your credit score, but nothing will hurt your credit worse than non-payment.

To settle a debt with Aqua Finance, follow these three steps:

  1. Respond to your pending lawsuit with a written Answer.
  2. Send a settlement offer to start negotiations.
  3. Get the agreement in writing.

SoloSettle, powered by Solosuit, can help you with each step and more. To learn more about these three steps, check out this video:

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