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