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Anonymous
Not applicable

?

I noticed my personal loan was not reporting on my EX file so I contacted the CU and they said this,

Good Morning Matt,

At this time, we do not pay to report to Experian for anything other than mortgage notes.

Have a great weekend!
Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: ?


@Anonymous wrote:
I noticed my personal loan was not reporting on my EX file so I contacted the CU and they said this,

Good Morning Matt,

At this time, we do not pay to report to Experian for anything other than mortgage notes.

Have a great weekend!

Not uncommon with many CU's. One of the ways they trim expenses.

Message 2 of 4
Anonymous
Not applicable

Re: ?

I would think the CRA's would want that information and it should be free to provide it to them considering they have products that are useless without such information.
Message 3 of 4
RobertEG
Legendary Contributor

Re: ?

While the CRAs want complete files, unless it is public record information, they cannot upate the future accuracy on their own.

They require contnued reporting from furnishers.

 

Furnishers must become certified by the CRAs in order to report, which involves showing the ability to electronically report to the CRA using the Metro 2 format.

At least one CRA requires a minimum number of reportable accounts in order to qualify.

They must also incur fees.

 

Once a furnisher provides info to a CRA, they therafter incur a legal requirment to promptly update that reporting so as to maintain its current accuracy.  FCRA 623(a)(2).

With no credit reporting agreement, and no interest in the expense of taking on that obligation, the CRA would never get updates.

Additionally, once they become a "furnisher" of information, they incur many other obligations under the FCRA, the most notable of which is the requirment to investigate any disputes that might be filed within the set statutory period, and either respond back to the CRA or diretly with the consumer.

 

A party is thus either a furnisher or they are not.

 

Message 4 of 4
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