Does OrthoFi Check Credit Scores and How It Works

OrthoFi does check credit scores as part of their financial evaluation process. This is because they want to ensure that patients can afford their treatment plans.

They use a soft credit inquiry, which is a type of credit check that doesn't affect your credit score. This is a relief for many people who are concerned about their credit being affected.

OrthoFi's credit check is designed to assess your creditworthiness and determine your eligibility for financing options. They consider factors such as your credit history, income, and debt-to-income ratio.

By evaluating your credit score and history, OrthoFi can provide you with personalized financing options that fit your needs and budget.

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OrthoFi's Credit Policy is a game-changer for those concerned about their credit history. Unlike conventional financing institutions, OrthoFi does not perform credit checks as part of their orthodontic financing process.

This means individuals with limited credit history or less-than-perfect credit scores can still access affordable orthodontic treatment. By taking credit checks out of the equation, OrthoFi aims to make financing available to a broader range of patients.

Almost every patient will qualify for OrthoFi's payment plans, and there is no credit check required. This eliminates the worry of bad rates or being kept from qualifying due to credit history.

OrthoFi checks credit by reviewing a patient's credit history, which is obtained from the three major credit reporting agencies: Experian, TransUnion, and Equifax.

This process typically takes a few minutes to a few hours, and the credit report is then used to determine the patient's credit score.

A credit score is a three-digit number that ranges from 300 to 850, with higher scores indicating better credit health.

A good credit score is considered to be 700 or higher, which can help patients qualify for financing options.

Patients with lower credit scores may still be eligible for financing, but may face higher interest rates or stricter repayment terms.

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We use the FICO scoring model to evaluate creditworthiness, which considers payments history, credit utilization, length of credit history, and new credit inquiries.

FICO scores range from 300 to 850, with higher scores indicating a better credit history.

We also consider the VantageScore 3.0, which assesses credit age, credit mix, and public records.

The VantageScore 3.0 ranges from 501 to 990, with higher scores reflecting a more favorable credit history.

We don't consider credit inquiries from the past 12 months when evaluating credit scores.

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We offer payment plans through OrthoFi, a company that makes paying for orthodontic treatment affordable and stress-free.

Using OrthoFi is intuitive and simple, thanks to its clutter-free user experience and easy-to-use functions.

Almost every patient will qualify for OrthoFi's payment plans, and there is no credit check required, so you don't have to worry about your credit history affecting your rates.

OrthoFi Payment Plans are a convenient option for making orthodontic treatment more affordable.

These plans are designed to be approachable for a wide range of families, reducing confusion and excess fees in the process.

Using OrthoFi is simple and intuitive, thanks to a clutter-free user experience and easy-to-use functions.

Almost every patient will qualify for an OrthoFi payment plan, and there is no credit check required.

This means you don't have to worry about your credit history affecting your rates or keeping you from qualifying.

You can even use a sliding scale to see instantly what your payments can be for certain repayment terms, which are often very low.

Interest rates and fees can greatly impact your payment plan. A 12% interest rate can add up to $1,200 in interest over 12 months on a $10,000 loan.

Some payment plans come with origination fees that can range from 2% to 6% of the loan amount. For example, a $10,000 loan with a 4% origination fee would cost $400.

Keep in mind that late payment fees can add up quickly, with some plans charging up to $40 per late payment. This can be avoided by setting up automatic payments.

The length of your payment plan can also affect the interest rate. Shorter payment plans often come with higher interest rates, while longer plans may have lower rates but more overall interest paid.

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