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Determined1

Who is the proper reporting bank?

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Hi,

 

A question for my CIC friends:

 

When a credit card issuer does not have typical retail bank operations, but is primarily an issuer of credit cards, and issues a credit card through a standard retail bank, who is the proper reporting entity listed on a credit report?

 

For example, lets say First National Bank of Omaha (who has no retail locations) issues all credit cards for First Community Bank (who has retail locations), who is the proper party to be reporting on a credit report? 

 

Thank you.

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Hi,

 

A question for my CIC friends:

 

When a credit card issuer does not have typical retail bank operations, but is primarily an issuer of credit cards, and issues a credit card through a standard retail bank, who is the proper reporting entity listed on a credit report?

 

For example, lets say First National Bank of Omaha (who has no retail locations) issues all credit cards for First Community Bank (who has retail locations), who is the proper party to be reporting on a credit report? 

 

Thank you.

 

Oddly enough I have this exact situation.  I applied for a CC from my credit union and was approved.  It is underwritten by FNB of Omaha and that is how it reports, not under the name of the credit union.  The issuing party of the credit is the correct reporting entity.

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I would imagine that having retail locations is not a prerequisite to being able to report on a credit report.  I can also tell you that some situations will see both parties named....for example, I know someone with a fingerhut account.  Fingerhut reports on her credit report as "Fingerhut/Webbank" 

 

Is there a specific situation you are dealing with that may help shed light on things for us?

 

Thanks for the feedback @bassplayr. Your comments are interesting. I did not consider the scenario where both parties are named (the issuing bank and the retailer).  

 

In my credit reporting issue, I had multiple banks and credit card issuers that I was doing business with (or my company was) fail during the banking crisis and others that changed hands due to mergers / acquisitions. Keeping the parties straight on my credit report was like a game of musical chairs.   

 

I hope someone might have a rule that states who should be reporting when there is a separate credit card issuer for a retail bank, retailer, or affinity card. I reviewed info on the OCC and FDIC websites without luck. If anyone can cite a rule on this it would be helpful in my correcting errors on my credit report.

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The issuing party of the credit is the correct reporting entity.

 

I agree @Clydesmom. Are you aware of any rule, law or case that states this is the proper method?

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