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Do insurance companies report to credit bureaus?

Member

Do insurance companies report to credit bureaus?

Just wondering if insurance companies REPORT to credit bureaus. I know that insurance companies will PULL your credit report.

 

I am looking for non-credit ways to help out my credit report... Just wondering if taking out renter's insurance would help it at all.

Current credit cards:
PNC Secured, Capital One Secured, Target, Ashley Funiture/Synchrony, Sears MasterCard
13 REPLIES
Super Contributor

Re: Do insurance companies report to credit bureaus?

 

Nope, they do not report.   Neither do utilities, such as gas, electric, phones, etc....

 

If you were to go deliquent on these accounts then they would likely report negatively.

 

Credit Cards and installment loans are the TLs that will show on your reports.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Community Leader
Epic Contributor

Re: Do insurance companies report to credit bureaus?

They can, if they choose.  They also have permissible purpose for access to your CR.

They may not have a regular regime of reporting monthly, but like most utilities, may choose to report when things go south as a debt collection measure. 

Valued Contributor

Re: Do insurance companies report to credit bureaus?

pizzadude - in some areas, some utilities do report monthly and bi monthly and quarterly, depending on their billing cycle.

 

I am trying to remember which electric  company use to report bi-monthly....I don't remember which one it was.  I know when I had a credit application, I had to explain why the utility company was reporting AND get a letter from the electric company stating the account was current.  This was back in 2003 and 2005.

 

In the old days, the utility companies never reported.

 

For the most part, people should not think of the utility companies reporting and count on that to build credit.  Smiley Happy

Super Contributor

Re: Do insurance companies report to credit bureaus?


IOBA wrote:

pizzadude - in some areas, some utilities do report monthly and bi monthly and quarterly, depending on their billing cycle.

 

I am trying to remember which electric  company use to report bi-monthly....I don't remember which one it was.  I know when I had a credit application, I had to explain why the utility company was reporting AND get a letter from the electric company stating the account was current.  This was back in 2003 and 2005.

 

In the old days, the utility companies never reported.

 

For the most part, people should not think of the utility companies reporting and count on that to build credit.  Smiley Happy


Ok cool ~ thanks for letting us know.   I just haven't ever seen any of my utilities pop up on my reports, but in general I think it would be great if they would do it.   Certainly it could help a lot of people raise their scores if FICO would consider these accounts - but I don't know if they are just ignored by FICO or how they would be viewed.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Contributor

Re: Do insurance companies report to credit bureaus?

I had a utility company (electric) report on my CR when I lived in Milwaukee. It is stil on my CR as a tradeline.


BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($29,500) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($28,000)

Experian 746 Transunion 806-- July 2017
Senior Contributor

Re: Do insurance companies report to credit bureaus?

I have never seen any insurance company report on my credit.  Nor have most utilities.  The one exception is my electric company, United Illuminating in Connecticut reports every month.  For some reason, though, UI appears as "Installment Account" rather than as a utility.  Southern CT Gas, AT&T (landline phone), Virgin Mobile (portable wireless Internet device), Comcast (cable TV and Internet), and Sprint (the cell phones my wife and I carry around) have never appeared in my credit reports.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Senior Contributor

Re: Do insurance companies report to credit bureaus?

Also,while my personal AMEX Gold Card appears on my credit history, the AMEX Corporate Card from work never has appeared on my reports.  I suppose my AMEX from work doesn't appear because it is strictly for business purposes and my employers make electronic payments directly to AMEX.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Super Contributor

Re: Do insurance companies report to credit bureaus?


MattH wrote:

Also,while my personal AMEX Gold Card appears on my credit history, the AMEX Corporate Card from work never has appeared on my reports.  I suppose my AMEX from work doesn't appear because it is strictly for business purposes and my employers make electronic payments directly to AMEX.

 


That's interesting that your Electric bill reports as "installment" ~ I would assume that FICO scores it as a regular installment loan if that is the case.   IME most utilities won't report unless you stop paying, then they become COs or collections.

 

AMEX is similar in that doesn't report corporate cards unless you become seriously deliquent ~ I guess it makes sense because companies are reimbursing your account directly, and it keeps your other creditors from become nervous if you happened to rack up $20,000 in travel charges in a month.

 


 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Frequent Contributor

Re: Do insurance companies report to credit bureaus?

I used to have a tanning membership that reported as an installment, lol.  Still on my CR as a postive tradeline! Smiley Happy


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