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Blogging for Change Blogging For Change
by sitecore\kmcgrigg on July 31, 2008

An Advice Team writer recently asked: "Is a creditor required to report your payment history to the bureaus?"

This is a question I have avoided answering throughout the years because I've been unclear about the answer. I finally took the time to do some digging only to come up a firm ‘maybe.’ Here is what I learned:

  • Most creditors report to credit bureaus, but not all of them do.
  • Those that do report do not have to report to all three credit bureaus.
  • Some creditors only report to the credit bureau to which they also subscribe.
  • How often creditors report to the bureaus varies widely.

But back to the original question. From what I understand, creditors have some flexibility, but don’t necessarily get to pick and choose when they report. According to one of my trusted credit bureaus contacts, once a creditor reports on an account, it is their responsibility to continue reporting. However, if they have never reported the account at all they do not have to start reporting payments. I believe this is outlined in the agreement between the creditor and the bureau and is not necessarily part of the Fair Credit Reporting Act (FCRA). As far as I can tell, the FCRA (§605) deals more with what should not be on your report than what should be on your report.

If you have any information to add about this somewhat confusing issue, please share it though the comments section.

Posted in:  Credit Reporting


Dave N says:
February 22, 2009

Please, can you PM me and tell me a few more thoughts about this, I am really fan of your blog...

Mark says:
September 29, 2008

great article. thank you for sharing

Steve says:
July 31, 2008

Kim, My experience tells me that creditors are not required to report anything. It is purely a business decision. The foundation of the lending business is trust. Trust is based on past experience. So having access to past experience benefits everyone, lenders and borrowers. It is in the best interest of everyone if credit history is fairly and accurately reported. Remember that it costs money to report to a credit bureau and it costs money to access credit bureau data. Requiring a company to pay money to credit bureau would not work. Credit bureaus often make the case, when selling services, that it does make sound business sense; however, it is not required by contract or statute. Steve

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June 03, 2009

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