anyone ever heard of small banks not reporting to credit bureau | Page 2 | TigerDroppings.com
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The Mick
Towson Fan
Member since Oct 2010
25427 posts

re: anyone ever heard of small banks not reporting to credit bureau

quote:

Volvagia
quote:

You realize what appears on one must appear on all three?
quote:

I didn't say the three were required to be identical.



MissNinja
LSU Fan
Baton Rouge
Member since Jan 2012
8 posts

re: anyone ever heard of small banks not reporting to credit bureau
Not true. Lending institutions pay to report to the credit reporting agencies. If they aren't subscribed to say Equifax, and you dispute that a loan you have isn't on an Equifax file, Equifax isn't going to add it to your credit report if that bank is not subscribed to them.


HeadyMurphey
LSU Fan
Los Santos
Member since Jan 2008
15940 posts

re: anyone ever heard of small banks not reporting to credit bureau
quote:

If they aren't subscribed to say Equifax, and you dispute that a loan you have isn't on an Equifax file, Equifax isn't going to add it to your credit report if that bank is not subscribed to them.


Only if you understand the dispute process.....



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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41623 posts

re: anyone ever heard of small banks not reporting to credit bureau
The difference is one of how it plays out.

They are functionally similar, but the difference is that it's up to you to do the legwork as opposed to an obligation on THEIR part to automatically fix it.

Why the hell do you think they say you should pull your credit reports every year?

Just to look at them?

Once you envoke a request, they are legally required to verify within a set time frame.

One of two things happens: either the debt is verified and has to appear on both, nor they can't find sufficient evidence and it drops on both.

The agency can't ever just say "Eh.....it's close enough."


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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
41623 posts

re: anyone ever heard of small banks not reporting to credit bureau
quote:

Not true. Lending institutions pay to report to the credit reporting agencies. If they aren't subscribed to say Equifax, and you dispute that a loan you have isn't on an Equifax file, Equifax isn't going to add it to your credit report if that bank is not subscribed to them.


This is a violation of FCRA

They can't just say "Nah, they don't pay us money so we won't acknowledge any debt from them"

What the subscription allows is for a bank to put derogatory information as penalty for non payment.
This post was edited on 6/28 at 9:35 am


Meauxjeaux
Memphis Fan
90248 posts including my alters
Member since Jun 2005
18917 posts

re: anyone ever heard of small banks not reporting to credit bureau
The legal guarantees in the dispute process are for removing derogatory information from a report, not for adding potential good information to a report.

The FCRA requires that a dispute of bad info is either confirmed correct within 30 days or removed from the report.


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yankeeundercover
Army Fan
HMWHC® (via NOLA)
Member since Jan 2010
32675 posts

re: anyone ever heard of small banks not reporting to credit bureau
I've been over 30 days late on a few payments due to general oversight.

The FCU didn't report me... Which is nice.


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