Understanding your Credit Building subscription
Updated over a week ago

How will I know if it’s working?

Shortly after registering for Credit Building, you’ll be able to see your current credit score. Every month after payment is made and reported to the credit bureau you’ll be able to see your updated credit score, as well as your change in score, on the Credit Building page.

The reporting is sent over the following month, to capture the first month of activity. For example, August’s reporting will be sent in September.


Why did my credit score go down?

When you initially sign up, a new tradeline is opened under your name. Opening a tradeline means you’re seeking to grow your credit, so you may see your score slightly decrease when a new tradeline is reported. No need to worry! A tradeline is important because it helps build a solid credit history, which in turn helps you to gradually build your score over time, as long as you actively work on building your creditworthiness.

On-time payments play a major role in building a strong credit score. Make sure you have enough in your KOHO account to replenish any amount you may have withdrawn. If outside of KOHO you have missed payments (car, credit card, bills, etc.), tried to get access to a lot of credit in a short period of time, or defaulted on any loans or accounts, this will also negatively impact your credit score.

Your credit score in KOHO is pulled directly from Equifax. If you've updated your personal information recently - First Name, Last Name, Date of Birth, Address, or Phone Number - we recommend giving your Equifax profile a little checkup too. Keeping your details consistent helps ensure everything’s in sync and accurate.

You can reach out to Equifax directly by giving them a call at 1-800-465-7166, or you can also log into your account on Equifax's website


Why is my score different than another reporting service that I use?

Currently, KOHO’s Credit Building tool pulls your score directly from Equifax. The score may differ from what you’re seeing using other score reporting services because there are two major credit bureaus in Canada and these agencies may have different criteria for scoring your credit!

If your credit score is showing up differently with the same bureau, we suggest verifying your personal information associated with your Equifax account, like your First Name, Last Name, Date of Birth, Address, and Phone Number. Once you've made the necessary updates on Equifax, you should see the corrected information reflected in your credit report within 4–6 weeks.

You can reach out to Equifax directly by giving them a call at 1-800-465-7166, or you can also log into your account on Equifax's website


When will KOHO appear on my credit report?

You can expect to see KOHO appear on your credit report in the second week of the month following your Credit Building registration. For example, if you registered at the beginning of December, you would see KOHO in your credit report the second week of January.


What happens if I miss a payment?

Just as making your payments on time will build your credit score, the inverse is true. Not making your payments on time will hurt your credit history. If there aren't enough funds in your account to cover your Credit Building loan or fees repayment, we will make additional attempts to collect the remaining amount every time you make a load until it is completely paid off.


How long can I use this feature?

When you subscribe to Credit Building, we've got your back! We'll take care of automatically renewing your subscription, ensuring that your experience remains seamless. Rest assured, this convenience will continue until you decide to cancel your subscription in-app. We want to make it effortless for you to manage your subscription and provide you with a hassle-free experience.


There is no limit to how long you can keep using Credit Building. We recommend being subscribed for at least 6 months to see the full impact of this feature.


Can I withdraw from my Credit Building funds?

While withdrawing from your tradeline (line of credit) is not required for Credit Building to work, if you wish to access your Credit Building funds, select the Profile icon in the upper left of your app, scroll down to Credit Building Utilization, and select the three dots in the upper right to transfer out funds. The app will ask you to confirm how much you’d like to withdraw, and then verify the process by confirming a code sent to your phone number.

As a heads up, you may not be able to withdraw those funds if we’re in the process of reporting your progress to the credit bureau! You'll just need to wait a couple of days and try again.

For example, if you request a withdrawal at 9.02 am EST on Monday, these funds will be deposited into your account at 9.02 am EST on Thursday.

Once the withdrawal is confirmed, the funds take 96 hours to process. We aren't able to speed up this withdrawal!

It's not possible to make two consecutive withdrawals from your tradeline (line of credit) without paying back the first amount that is due. We encourage you to make a payment of the amount withdrawn before making any other request.

FYI: if you cancel your Credit Building subscription during this processing time, the withdrawal will not be successful because only active Credit Building subscribers can withdraw these funds.


When should I repay the funds withdrawn from my Credit Building?

When withdrawing from your tradeline (line of credit), the repayment of this loan will be due on the billing date (ie. when the monthly fee is charged). The billing date is based on the registration date, and it's not possible to change or defer the repayment date for the Credit Building funds.


Where can I repay the funds withdrawn from my Credit Building?

We understand the importance of your loan repayment and will make a first attempt to collect the full amount of your outstanding loan on your billing date. In the event that the first attempt is unsuccessful due to insufficient funds, we will try to collect a minimum payment of $67.50.

To repay manually what was withdrawn from your Credit Building tradeline (line of credit), you will need to select the Profile icon in the upper left of the app, scroll down to Credit Building Utilization, and click the three dots in the upper right to Transfer back funds. You will then select the amount you want to repay and then confirm!

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