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How Information Enters Your Credit File?

Part 5: As part of series of articles (blogs) regarding Credit and Credit Score, here we go:

There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records).

From Creditors:
Creditors Reports Information to Credit Bureaus
Credit bureaus receive consumer credit information from banks, credit card companies, mortgage lenders, auto loans, banks, finance and loan companies, department stores, utility companies and other businesses.

From Special Agencies:
Special Agencies sell information about check writing histories, medical records, and rental history records.

From Subscribers:
Subscribers report Information to the Credit Bureaus.
These are in addition to the creditors listed above. Examples of subscribers are: collection agencies, property management companies, individuals such as registered landlords and similar businesses or individuals.

Remember any approved individual, meeting the minimum requirements and paying subscription fees, can access your credit reports and your credit scores. They also can report information to credit bureaus that go into your credit file at any time.

The subscribers can report their borrowers payment histories to the credit bureaus. The credit bureaus are responsible for entering any information their subscribers report to them into the consumers credit file, whether or not the information is inaccurate, incomplete, obsolete, or missing.

Therefore, it is very important that you know what is on your credit report at all times. Especially after any lease termination, it is suggested to check your reports for any inaccuracy that your landlord has possibly reported or placed on your credit files.

From Public Records:
The courts will report many public records that exist about you to the credit bureaus for inclusion on your credit report. You can expect to see the evictions, judgments and bankruptcies to all appear on your credit file.

Additional public information on your file could be: bankruptcy filings, dismissals and discharges, tax liens, wage garnishments, child support information, foreclosures, and notices of defaults. 

In addition, credit bureaus use their own employees or third party organizations to verify and obtain more information from public courthouse records, such as: bankruptcy filings, dismissals and discharges, tax liens, wage garnishments, child support information, foreclosures, notices of defaults, law suits and verifying business information listed under consumers name.

From U.S Government
The U.S. government reports all federal student loans and any unpaid taxes you owe to the credit bureaus.

From Utility Companies:

Companies such as utility companies and cell phone providers typically do not report positive accounts to the credit bureaus. Once your debt becomes delinquent, however, the debt will almost certainly be reported.

Remember, you dont get benefits (building a good credit history) by paying all your utility bills on time, however by not paying your bill on time for a month or so, your account will be reported to credit bureaus as late or unpaid bill. This small negative information stays on your file for 7 years and can reduce your credit scores by 40-80 points.

How Often and When Do Creditors Report to Credit Bureaus?
There is no law or rule that dictates when and how creditors must report to credit bureaus. Generally, the creditors send information to credit bureaus once a month. The date in which each creditor sends information to the credit bureau is fixed for that specific creditor but is usually different from one creditor to another. E.g., A MasterCard credit card may send information to credit bureaus on the 15th day of each month, where as another credit card company (e.g., Visa) may send information on the 21st day of each month.

Also, be aware there are some credit card companies that do not report your positive credit history, but report once your payment is late. Try to avoid them.

Credit Scores Tips and TRicks by Bahman DavaniHOW to overcome the problems with your credit history and credit score?

Knowledge, education, awareness, practice and discipline are the essential keys to being successful on any subject. The book,
"Credit Score Tips and Tricks"
, provides you information, tools, techniques to educate yourself and manage your credit report & credit score, and therefore manage your finances effectively at no additional cost.

I have decided to bring and share with you, chapters or sections of the book, Credit Score Tips and Tricks, as series of articles here. This is the number 5 of such a series.

I also created and manage a GROUP in ActiveRain, Credit Reports and Credit Scores, Please feel free to join and share your thoughts and experiences.

Contact us about your Real Estate Questions

Equal Housing Opportunity Commission Bahman Davani REALTOR

Bahman Davani, CM
TAHS, eAgentC, and
CCIM Candidate

Office: (214) 457-7055
Cell: (214) 457-7055
Fax: (972) 596-7984

P.O. Box 261665
Plano, TX 75026-1665

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P.O. Box 261665
, TX 75026 US
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