Creditors don't have to report to the credit reporting agencies at all. The Fair Credit Reporting Act dictates how information can be used and supplied to credit reporting agencies, but it doesn't stipulate that lenders must report information. Lenders have to pay for the privilege of reporting, so in general, most major banks report to all three credit bureaus, while smaller regional banks and credit unions may only report to one or two credit bureaus. There are some lenders and others that don't report at all Your creditors choose to report on-time payments, late payments, purchases, loan terms, credit limits and balances owed. Businesses usually also report major events such as account closures or charge-offs. Governmental organizations that maintain public records don't report to the credit bureaus, but the bureaus usually obtain the records on their own since they are public records. For this reason, bankruptcy filings, judgements, and tax liens also typically show up on credit reports.
If you find inaccurate information on your credit reports contact us and we can file a dispute with the credit bureau or with the creditor who provided the incorrect data. Most claims must be investigated within 30 days, and if the claim is substantiated, all three bureaus must remove the negative report.
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