kapsigcub Posted January 19, 2005 Report Share Posted January 19, 2005 Hello everyone,Although I've lurked here for years, I registered only today. I searched through the forums, but couldn't find the answer to my question. I apologize in advance if this is a frequent question and I just can't find the answer.I have just satisfied (with a perfect payment record) a 36 month car loan from my (very small) hometown bank. They haven't reported it to any of the credit bureaus. My question is: How can I get this account to show up on my credit reports? Will it cost my bank money to report to these agencies?Thanks in advance,Kent Link to comment Share on other sites More sharing options...
DocDon Posted January 19, 2005 Report Share Posted January 19, 2005 Welcome aboard!Yes, anyone who wishes to supply information to the CRA's has to be a paying subscriber to that specific CRA.You can call your bank and ask them if they do report, and then go from there if they do. Link to comment Share on other sites More sharing options...
kapsigcub Posted February 1, 2005 Author Report Share Posted February 1, 2005 Thanks for the information. I spoke with a representative who told me that they do not report to credit bureaus, but they could send a letter showing my payment history to whomever I wished.Will the credit bureaus accept this payment history? Link to comment Share on other sites More sharing options...
DocDon Posted February 1, 2005 Report Share Posted February 1, 2005 Not for free they won't. The supplier of information has to be a paying subscriber to the CRA. You have to remember that CRA's are in it for the money. They accept information for a fee, and disperse it for a fee. There is no law stating an OC or CA must report to the CRA's. Link to comment Share on other sites More sharing options...
kapsigcub Posted March 8, 2005 Author Report Share Posted March 8, 2005 I just found this article on MSN. I'm going to give it a try! I'll let you guys know the results.http://moneycentral.msn.com/quickref/quickref.asp?Cat=10&SelCat=7&RefType=0&QAMode=1&QID=726&Topic=3&Sub=4How can I add favorable information to my credit report?If you’re trying to build a good credit history, don’t forget to take credit where credit is due. The Fair Credit Report Act allows you to add information to your report when the absence of any information could lead to the denial of requested credit. They may charge a small fee. If your credit history has little to show your creditworthiness yet, consider adding unreported repaid debts, utility payments, and rent payments. Send a certified letter to the bureau asking that it contact the creditor and ask for approval to list the account. Link to comment Share on other sites More sharing options...
DocDon Posted March 8, 2005 Report Share Posted March 8, 2005 I'd like to know where in the FCRA it says that. Link to comment Share on other sites More sharing options...
workinninetofive Posted March 8, 2005 Report Share Posted March 8, 2005 I'd like to know where in the FCRA it says that.Ditto on that Link to comment Share on other sites More sharing options...
creditdodger Posted March 8, 2005 Report Share Posted March 8, 2005 This is from that same website:"Once it receives your complaint, the credit bureau will check with the creditor who reported the information. If the creditor realizes that it made a mistake, the error is removed from your record...But if the creditor still disagrees with your version of the facts, you have the right to add a 100-word statement to your credit file that tells your side of the story...Trans Union makes you jump through a few hoops before they’ll talk to you by phone...Trans Union: You first have to contact the office listed at the bottom of your credit report by mail. Only then will TransUnion acknowledge receipt of your dispute and provide a toll-free number."Really?!?! I can add a 100 word statement?!?! That's Great!!!!! Link to comment Share on other sites More sharing options...
divemedic Posted March 8, 2005 Report Share Posted March 8, 2005 Yes, but it means nothing. Link to comment Share on other sites More sharing options...
creditdodger Posted March 8, 2005 Report Share Posted March 8, 2005 There is some really bad advice on that site.Mortgage lenders will consider "alternate" credit when an potential borrower has little or no credit. That's when you get together the rent, utilities, car payments, rent-to-own payments together and submit to your loan officer. Maybe that's what they meant. Link to comment Share on other sites More sharing options...
creditdodger Posted March 8, 2005 Report Share Posted March 8, 2005 Dive,I was being sarcastic. I think. Link to comment Share on other sites More sharing options...
creditdodger Posted March 8, 2005 Report Share Posted March 8, 2005 I will post about 100 word statements and my experience with Experian. It's a hoot. Link to comment Share on other sites More sharing options...
Champion80 Posted March 9, 2005 Report Share Posted March 9, 2005 Well HECK....if this is the case I have paid off 10 loans of $100,000 a piece, how much do I have to pay the CRA's for these!!Damn loan sharks had in fine print "under no circumstance do we report to the CRA's, but upon non payment we will report you to either the lord or the Devil, this will be determined from your Credit profile" 8) Link to comment Share on other sites More sharing options...
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