What is the relationship between Lead Bank and Self?
Lead Bank partners with multiple fintech (“financial technology”) companies, such as Self. In particular, the Self Credit Builder Account works by allowing consumers to borrow money to invest into a FDIC insured certificate of deposit (CD) account. Lead Bank and several other banks back the Self Credit Builder Account as the FDIC approved financial institution. Banks have the money to be able to lend to consumers along with the regulatory compliance standards in place to be able to work with Self and other fintech companies. Most importantly, Lead Bank reports loan transactions to the three major credit-reporting bureaus (Experian, Equifax, and TransUnion), thus ultimately allowing you to build your credit.
Why am I seeing Lead Bank on my credit report?
Your credit report includes information on your credit history such as the types of credit that you have used and the timeliness of your payments. You are seeing Lead Bank on your credit report because your Self Credit Builder account is part of your credit account history and because of the relationship Lead Bank has with Self. Lead Bank is the financial institution that approved your loan. Self, the fintech partner, services your loan but Lead Bank reports your loan to the credit reporting agencies. This is why Lead Bank may appear on your credit report.
If you have the Self Visa® Credit Card and/or a Self Credit Builder Account, you may see the entry on your credit report as "sf/lead bank" or "sf lead bank” as a place holder for Self Financial.
How can I make a payment for my Credit Builder Account?
When you created your Self Credit Builder Account, you selected a monthly payment amount (minimum of $25). At that time, you set up an ACH to make your monthly payments automatic. These payments began on month two.
If you want to pay off your account early to get your money sooner, remember that payment history and length of credit history are major factors in your credit score. Your on-time monthly payments will no longer be reported to the credit bureaus once you pay off your account. By paying off your account early, you limit how much payment history you could build with Self.
And just a reminder, Lead Bank provides the funding for Self, but Lead Bank does not provide the account servicing. Self provides the account servicing function.
What is the best way for me to get in touch with Self?
Self’s email and call response times are currently very delayed. Live Chat is typically the fastest support option (about 14 minutes faster than the support center). The Self support call center (877.883.0999) is open 9AM-5PM Central Time Monday through Friday. The FAQs on their webpage might also help answer your question. https://help.self.inc/