You may have received a message from the Loan Management team that you missed a payment, or perhaps you would like to know how your loan payments are reported to Equifax. This information is useful not only for your Windmill microloan but for other debt you may have as well.
As a lender, we are required to report the activity of your loan to a credit bureau. Windmill reports to the Equifax credit bureau only. Establishing a good credit history enables other lenders to see that you are borrowing responsibly and diligent about your payments. Therefore, making all your payments on time is extremely important.
If you miss a regular payment on your Windmill microloan you will be required to make up this missed payment immediately, up to 30 days from the date of the expected payment.
If this payment is not received within 30 days it will be reported to Equifax as late. The payment will continue to report as late until you make up this missed payment.
Important Reminder: the longer you delay making a deposit to clear your missed payment, it becomes more likely it will negatively impact your credit rating. Please make sure you make your deposit within 30 days.