What is Elan Financial On My Credit Report?

Some consumers have noticed a mystery lender on their credit and want to know, “what is Elan Financial on my credit report?” Here’s the answer. 

What is Elan Financial? 

Elan Financial is a United States credit card issuer that services banks and credit unions. Large financial institutions have the ability to offer their own products and services directly to consumers, but smaller banks struggle with the infrastructure necessary to serve their clients. Read on to find out why Elan Financial is on your credit report or download Cambio for a free credit report analysis.

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In some cases, your card may show your local bank’s logo on the front and you’ll deal with your local bank for account service but the credit card is Elan Financial Services product whitelabeled for that bank. The bank will service, but marks on your credit are handled by Elan. 

Where You May See Elan Financial Services

It’s important to check your credit regularly. It’s not just to monitor your credit score but also to ensure the correct display of your credit history and monitor against identity theft. 

Read More: Credit Score Guide for Beginners

When reviewing your credit report (available for free from the three major credit bureaus) each open credit account will appear. Let’s assume you have student loans, a mortgage through Chase, and a credit card through your local credit union. Your report might appear as follows:

• FEDLOAN – 36 Payments – Good Standing – Rem. Balance $23,000 – Payment $34
• JP MORGAN CHASE N.A. – 12 Payments – Good Standing – Rem. Balance $173,435 – Payment $1245
• ELAN FINANCIAL SVCS – 16 Payments – Good Standing – Rem. Balance $214.56 – Payment $29

This isn’t a complete view of what’s available on your report but may give some insight into what lenders see and how you’re evaluated as a borrower.

Types of Credit Cards Offered by Elan Financial Services 

The bank, in this case, is a marketer while Elan Financial Services is the creditor and issuer. This is far more common than many realize. For example, many store credit cards are actually managed by Synchrony Bank or Comenity Bank. Synchrony alone offers 116 co-branded cards for companies like Gap, Nissan, and Wal-Mart on cards offered by Visa, Mastercard and American Express. 

The most common type of financial lending Elan offers are personal loan sized-credit cards for financial institutions whitelabeled as the bank’s own. However, as a function of the lending facility associated with a mortgage line of credit, Elan products are sometimes also issued. 

If you see Elan Financial Services on your credit report it’s likely one of these products. 

Are There Other Services You Don’t Know On Your Report? Here’s What to Do About It: 

Typically, lenders will include a phone number to call on the same credit reporting line in the event that borrowers don’t recognize the account. This is to stop fraud for both parties but can also assist when the lender’s relationship to the borrower is less clear. 

Another way to get the attention of lenders for which a borrower might be unfamiliar is to report the account to the credit bureaus as unrecognized. This will cause the lender to outline the relationship, history and justify its validity. 

Conclusion

Elan Financial Services is often a bank or credit union’s financial institution that manages the risks and regulations associated with offering credit card products. It could be a line of credit, a loan, or a credit card through the bank. 

One reason that users are unfamiliar with Elan is due to its mass partnership offers so many credit card programs and is the primary issuer of these cards. It’s possible that the card has been lost or stolen, and thus forgotten just as it’s possible that someone else has added you as an authorized user though it is their card.

Disclaimer: This post was written for educational purposes only. Please note that interest rates, terms and conditions, and products can change in a short period of time. Visa, Mastercard, and American Express are all registered trademarks of those brands and have not reviewed, approved, or endorsed this content. 

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