How Information Enters Your Credit File?
As part of series of articles (blogs)
regarding Credit and Credit Score, here we
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).
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.
Special Agencies sell information about check
writing histories, medical records, and rental
Subscribers report Information to the Credit
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 borrower’s
payment histories to the credit bureaus. The
credit bureaus are responsible for entering any
information their subscribers report to them
into the consumer’s 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.
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
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
From U.S Government
The U.S. government reports all federal student
loans and any unpaid taxes you owe to the credit
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 don’t 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
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.
HOW 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
I also created and manage a GROUP in ActiveRain,
Credit Reports and Credit Scores, Please
feel free to join and share your thoughts and
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