Member
kitm
Posts: 17
Registered: ‎01-14-2013
Car loan is not reported on credit reports

I've had my car loan since the summer of 2009 and I'm about the finish the payments by June or July of this year. I noticed that they are not reporting to the credit bureaus.

 

Should I request that they report it? Would reporting this help or hurt my credit score?

 

My overall score is fairly good, with only high credit utlization bringing it down.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
Re: Car loan is not reported on credit reports
It will hurt your score initially because it is a new account but as it ages, it will increase your score. I would try to get them to report if you can backdated to the beginning if you have never been late as it will show future lenders that you had this loan and paid it off never late. It will help your auto enhanced score on your next car.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Moderator
Revelate
Posts: 8,865
Registered: ‎12-30-2011
Re: Car loan is not reported on credit reports

MovingForward_2012 wrote:
It will hurt your score initially because it is a new account but as it ages, it will increase your score. I would try to get them to report if you can backdated to the beginning if you have never been late as it will show future lenders that you had this loan and paid it off never late. It will help your auto enhanced score on your next car.

Actually in this case the tradeline is already pre-aged, and it should be a straight boost.

 

Everything else is spot on, but I would absolutely atttempt to get it reported OP... certainly any positive tradeline I can get on my reports I want on there, and an auto tradeline is a good one to have.

 

Just be aware that the lender isn't required to report by law, but try to get it done.  Which lender is it?

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Member
kitm
Posts: 17
Registered: ‎01-14-2013
Re: Car loan is not reported on credit reports

Revelate wrote:

MovingForward_2012 wrote:
It will hurt your score initially because it is a new account but as it ages, it will increase your score. I would try to get them to report if you can backdated to the beginning if you have never been late as it will show future lenders that you had this loan and paid it off never late. It will help your auto enhanced score on your next car.

Actually in this case the tradeline is already pre-aged, and it should be a straight boost.

 

Everything else is spot on, but I would absolutely atttempt to get it reported OP... certainly any positive tradeline I can get on my reports I want on there, and an auto tradeline is a good one to have.

 

Just be aware that the lender isn't required to report by law, but try to get it done.  Which lender is it?

 


 

Actually, last night I downloaded an iphone app called Credit Sesame which is based off of the Experian credit reports, and it was on there! However, I'm pretty sure I've checked my Experian report before and I don't remember seeing it. Is it possible that it can get recognized by certain programs and not others?

 

It's a really small company called EQ Finance.

 

Moderator
pizzadude
Posts: 8,989
Registered: ‎01-28-2010
Re: Car loan is not reported on credit reports
[ Edited ]

kitm wrote:

Revelate wrote:

MovingForward_2012 wrote:
It will hurt your score initially because it is a new account but as it ages, it will increase your score. I would try to get them to report if you can backdated to the beginning if you have never been late as it will show future lenders that you had this loan and paid it off never late. It will help your auto enhanced score on your next car.

Actually in this case the tradeline is already pre-aged, and it should be a straight boost.

 

Everything else is spot on, but I would absolutely atttempt to get it reported OP... certainly any positive tradeline I can get on my reports I want on there, and an auto tradeline is a good one to have.

 

Just be aware that the lender isn't required to report by law, but try to get it done.  Which lender is it?

 


 

Actually, last night I downloaded an iphone app called Credit Sesame which is based off of the Experian credit reports, and it was on there! However, I'm pretty sure I've checked my Experian report before and I don't remember seeing it. Is it possible that it can get recognized by certain programs and not others?

 

It's a really small company called EQ Finance.

 


Credit Sesame is based on the Experian CRA.   So it sounds like it is showing on EX , but possibly not EQ or TU.   I'd recommend pulling reports from the other CRAs to know for certain.

 

Creditors may report to 1, 2, all or none of the CRAs  ~ it's really up to each creditor to determine how they want to report.   You can certainly call and ask them if they'll report to all three CRAs, but there is no requirement that compels them to report at all.

 

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