can you add a tradeline to your credit reports?

[Anonymous]

Hi everyone, If this has already been answered, please point me to the thread, but I have been doing searches and unable to find the answer to my question. My question: I have a capital one credit card that was opened in 2000, still open, and in good standing. But it is not showing up in my EXP credit report. Is there a way that I can add this to my EXP credit report so that it can help boost my score (to show history)? How do I go about this? I also have a Wells Fargo credit card from 1995, closed and in good standing. This account is only showing up on my EXP report and not on my TU or EQ. Same question, can I add this tradeline to TU and EQ? How? Thank you so much for any assistance!

[RobertEG]

Hi fixmycredit!

Yeah, you got a problem, and the answer is not what you may want to hear.  There is much in the way of legislation and regulations governing credit reporting, but it is all geared towards what CAN or CANNOT be reported in a CR.  There is nothing in the way of law or regulation that requires any creditor to make a report to a CRA.  Period.  No creditor is required to pay their money to report to another private business, such as a CRA.

The number one proviso that is offered to anyone opeining a new TL for the purpose of building credit history before the CRAs, and thus affecting credit scoring, is to FIRST be assured that the creditor will report to a CRA.

You cannot self-report.  You need to contact your creditor, and request that they report.  It costs them money to set up reporting with each CRA, so if they dont do it, it is invisible to your credit report, and thus your credit score.  Cap1 has this capability, as does Wells Fargo.  Why they are not reporting is something you have to discuss with them.  If they value your future business, then they should listen to your needs, and report.  Yes, if they report, you will get your whole credit history to date/.

The important account, from a credit history point of view, seems to be the WellsFargo from 1995.  Once that account passes 10 years from closing date, its entire credit history, along with age, will disappear.  I would call them and get the account re-opened, simply to preserve length of credit history.

IMHO

Message Edited by RobertEG on 06-18-2008 11:04 PM

Message Edited by RobertEG on 06-18-2008 11:09 PM

[Anonymous]

Let me add to Robert's comments.

1) If by some chance or for some reason, you yourself requested the TL be deleted in the past, it most likely ain't coming back.   My guess is that the CRA's have programmed their software to not allow reinsertions, so they don't violate a provision of the FCRA which severely restricts the CRA's re-adding deleted TL's.

2) Regarding closed accounts, this is very difficult to do as well.   Most creditors will not re-report closed accounts and I have tried this as well.   They may even go as far as to say they re-reported, but the CRA's never update.   Even if a CRA would prematurely delete a TL prior to its time, I am guessing again that their software is set up to prevent its re-add.

3) The open Cap One account you might be successful at.   You will need to call CapOne and ask the question.  I would recommend to have them send you a letter stating that they have instructed the CRA's to report your account so you have the proof.  You may need to call a few times.   I have a card with a place called "Elan Financial" that is reporting on EX and EQ but not TU.  I am on my 3rd attempt to get them to report to TU.  I am slightly concerned that I may run into the dreaded software issue and TU will never report it.   We shall see.

What I'd like to see from the Feds to further modify the FCRA like this:   Require the CRA's, upon notification by the consumer, to verify with the creditor in question the existence of the account.  It would work similar to the dispute process, whereby the CRA would get the dispute, contact the creditor to confirm and then add the TL.

The other modification I'd like to see is that the consumer would be able to, upon request, ask the CRA to provide WRITTEN documentation showing how they contacted the creditor to verify an account (either to add or to delete the TL).  

Until we have these changes, there is no way to ensure that credit reports are 100% accurate.

[Anonymous]

Thanks for your comments.  As for CapOne, I just thought it was weird because I have 2 other cards with CapOne and the other 2 show up on all 3 CRA reports.  It's just this one card. 

I'll have to double-check what I did in the past re Wells.

THanks again.

[Anonymous]

Have you called CapOne and asked if they are reporting it to EX? Sometimes these credit card companies are reporting it but it is an error in the communication between computers the CRA isn't picking it up. In that case you need to have CapOne contact EX or fax you a letter then you send it to the CRA.