Regular Contributor
Posts: 206
Registered: ‎12-20-2012
Re: Cellphone company is not reporting!! Is it important?



I just posted in the general credit forum asking about "Alternative Credit Data" to ask if anyone knows anything about this, so maybe follow that thread as it develops. 


What I was able to find out for you is:

There is a law called the Equal Credit Opportunity Act which states that if you are applying for credit or a loan you have the right to provide potential lenders with information regarding your on-time payments of rent, insurance, etc. And they must consider this in making a determination about your credit. The reason this is difficult is the question of- how do they factor this information into what they normally do?  There is no consistent way...


I found a company called that will use your rent, utility, insurance, child care, tuition, etc. to build an 'alternative credit report' for you which is a good looking document kind of like the myFICO score summary. Might be worth looking into. I haven't used this service so I have no idea whether it is good. And they do charge for it. But if you are applying for a home or auto loan where you would sit down with a person for review and approval you would have something to support your case..


Here is the article about it from the blog:

Starting Score: EXP 615 | TU 610 | EQ 635
Current Score: EXP 719 (lender pull 10/15) | TU 707 | EQ 700 (lender pull 10/25)
Goal Score: 740