SoLo Funds does not report to the credit bureaus. The company sends no loan or payment data to Equifax, Experian, or TransUnion, which means on-time repayments on the platform will not build your credit and a missed payment from SoLo itself will not show up on your report. The one route to your credit file runs through a third-party collector: if an unpaid SoLo loan is placed with a collection agency, that agency can report the debt.
What SoLo Reports, and What It Doesn’t
Neither timely repayments nor missed payments are transmitted by SoLo to any of the three nationwide credit reporting agencies. In a 2024 federal complaint, the Consumer Financial Protection Bureau stated that SoLo “reported zero information to the credit bureaus, and it was never equipped to furnish consumer credit information.”1Consumer Financial Protection Bureau. CFPB v. SoLo Funds Inc. – Complaint A perfect record of on-time repayments on SoLo carries no weight when you later apply for a mortgage, auto loan, or credit card.
Traditional lenders such as banks and credit unions do report your payment activity, which is how consistent payments gradually strengthen a credit profile over time. SoLo operates outside that system. If building credit is your goal, you’ll need a product that actually reports to the bureaus, such as a secured credit card, a credit-builder loan, or an installment loan from a reporting lender.
SoLo Previously Threatened Credit Reporting It Never Did
Between at least 2020 and 2022, SoLo’s collection emails told borrowers that unpaid loans would result in a “derogatory mark” on their credit report and that failing to repay “could negatively affect your credit score for up to 7 years.” The same emails described “reporting our members to the credit bureaus” as a last resort.1Consumer Financial Protection Bureau. CFPB v. SoLo Funds Inc. – Complaint According to the CFPB’s complaint, these threats were false. SoLo never took any such action and had no ability to do so.
The CFPB filed suit against SoLo in May 2024, alleging violations of the Consumer Financial Protection Act and the Fair Credit Reporting Act. The federal case was dismissed in February 2025 under new CFPB leadership, and the dismissal did not address the underlying factual allegations. Several state regulators, including those in California, Connecticut, Massachusetts, Pennsylvania, and Washington, D.C., have separately reached settlements or issued consent orders against SoLo over its lending practices. If you received one of those threat emails, the practical takeaway is that SoLo itself did not act on the warning.
What Happens If You Don’t Repay a SoLo Loan
SoLo handles the first stage of collection in-house. If your loan goes unpaid, the company’s employees will contact you by email and text for roughly the first 60 to 90 days.1Consumer Financial Protection Bureau. CFPB v. SoLo Funds Inc. – Complaint A late fee of roughly 10% of your principal balance is charged once a loan is 35 or more days overdue, and SoLo adds its own recovery fee on top.
After about 90 days without payment, SoLo places the unpaid loan with a third-party collection agency.1Consumer Financial Protection Bureau. CFPB v. SoLo Funds Inc. – Complaint That agency operates independently from SoLo and may keep around 30% of whatever it recovers. While SoLo itself has never reported to credit bureaus, a third-party collector generally has the legal authority to report an unpaid debt after giving you proper notice, typically a written validation notice followed by a 14-day waiting period.2Federal Trade Commission. Debt Collection FAQs
If a collection account does appear on your credit report, it can stay there for up to seven years from the date of the original missed payment.3Consumer Financial Protection Bureau. How Long Does Information Stay on My Credit Report? Federal law prohibits credit reporting agencies from including collection accounts older than seven years.4Office of the Law Revision Counsel. 15 USC 1681c – Requirements Relating to Information Contained in Consumer Reports A collection entry can significantly lower your credit score and signal to future lenders that you defaulted on a past obligation, even on a small loan of a few hundred dollars.
The SoLo Score Stays Inside SoLo
Rather than pulling your FICO score, SoLo evaluates borrowers using an internal metric called the SoLo Score. This number ranges from 20 to 99 and is based primarily on cash flow. SoLo connects to your bank account through Plaid and reviews your income, spending patterns, current balance, transaction history, and any past insufficient-funds fees.5SoLo Funds. What’s SoLo’s Risk Measure? The platform also gathers information about your mobile device and factors in your history of prior SoLo loans.1Consumer Financial Protection Bureau. CFPB v. SoLo Funds Inc. – Complaint
Lenders on the platform, who are individual people rather than banks, see your SoLo Score alongside your loan request and decide whether to fund it. A higher score generally makes it easier to get funded. That score exists only inside SoLo’s ecosystem, though. No mortgage lender, credit card issuer, or auto financing company will ever see it or factor it into their decisions.
Signing Up Uses a Soft Credit Pull
When you create a SoLo account, the platform runs a soft credit inquiry, not a hard pull.6SoLo Funds. Terms of Service A soft inquiry lets SoLo view a summary of your credit background without affecting your credit score, and it won’t be visible to other lenders when they check your file. You also link a bank account so SoLo can analyze your cash flow and calculate your SoLo Score. Loan amounts range from $20 to $575, with first-time borrowers capped at $100, and repayment dates are generally set less than a month out.1Consumer Financial Protection Bureau. CFPB v. SoLo Funds Inc. – Complaint
Can SoLo Repayments Help Build Your Credit?
No. Because SoLo does not furnish data to any credit bureau, there is no path for your repayment history on the platform to improve your credit score. Some borrowers ask whether tools like Experian Boost can capture SoLo payments. Experian Boost covers categories like phone bills, internet service, utility payments, and streaming subscriptions. Peer-to-peer loan repayments like those on SoLo are not an eligible category.
If you need a small loan and also want to build credit, look at a credit-builder loan from a credit union or community bank, a secured credit card, or a lending product specifically designed to report to all three bureaus. Those options carry their own costs and qualification requirements, but they create a verifiable payment history that future lenders can see, which is something SoLo cannot offer.