topic Re: Car loan onl reported to two of three bureaus. in General Credit Topics

Car loan onl reported to two of three bureaus.

Anonymous — Tue, 26 May 2009 14:54:47 GMT

Hello,

I have a substantial car loan of which I have never been late on. I have not used credit cards before and thus do not have much established credit other than my car loan and an old piece of revolving credit through my bank. Unfortunately, my Credit Union said they only report to Equifax and Experian about my car loans, and thus I have no credit score or report generated from TransUnion.

My question is whether or not this common practice of only reporting loans to one or two bureas is something I need to take further action on. If the car loan increases my score by say 80 points, than obviously anyone who pulls my TransUnion score or report will get completely USELESS and INACCURATE informate. Therefore, I am wondering if in this common situation if it is worth it to somehow get TU to add the CAR loan that the other bureas already have on file.

How have others dealt with this situation when only one or two bureas of three have had things reported to them? Have you taken steps to go out of your way and add the additional items to the missing reports even if the original credit explicitly rejected sending out that info to one of the bureas?

Note that my credit union stated to me specifically that they are not required to report the car loan to anyone else and they refuse to report TU because that isn't their standard practice.

TU is essentially NULLIFIED because of these Credit Union reporting practices.

Re: Car loan onl reported to two of three bureaus.

Anonymous — Tue, 26 May 2009 18:39:43 GMT

A creditor need not report at all. IF they do they can report to 1 2 or all 3.

Re: Car loan onl reported to two of three bureaus.

Anonymous — Wed, 27 May 2009 05:56:26 GMT

If you had read my previous post, you would have noticed that I SPECIFICALLY stated that I am well aware of the fact creditors are not required to report anything anywhere about debt. My question is specifically what to do about it. Should I try and get the other car loan reported to Trans Union, or just leave it as is?

Re: Car loan onl reported to two of three bureaus.

Anonymous — Wed, 27 May 2009 06:15:43 GMT

Other than refinancing the car loan with another bank or credit union, there is really nothing you can do in this particular situation. A consumer cannot force a tradeline to be added to a credit report if the creditor does not report it to that CRA.

For the long term, gradually build up credit starting with banks or credit unions who are more likely to pull your EX or EQ reports for approval ...

Re: Car loan onl reported to two of three bureaus.

Anonymous — Thu, 28 May 2009 23:50:34 GMT

@Anonymous wrote:
If you had read my previous post, you would have noticed that I SPECIFICALLY stated that I am well aware of the fact creditors are not required to report

Not a good way to seek help...

You need to contact the financing company,Only they can report the loan,And yes i would have it reported to all 3..

Re: Car loan onl reported to two of three bureaus.

AndySoCal — Fri, 29 May 2009 02:29:08 GMT

I read your post yesterday and I did some thinking. As other people have said creditors are not required to report to all three bureaus. You could spend some time and energy trying to get the credit union to report to all three bureaus. The end result you may be sucessful or you may not be. But what I would like to suggest is a possible solution. What you need is a creditor who reports to all three bureaus but when the creditor pulls your credit initially that it is from Equifax or Experian. In order to get a FICO score from Trans Union you need just one account reporting that has been open for at least six months. All that said, this caused to go look at my Equifax credit report I pulled recently. In the inquiry section several of my creditors use Equifax to monitor my credit. My I would assume they get their initial credit reports from the same source. They are Citi, JC Penney and Lowes and all report to all three bureaus. The number of creditors I have is very limited so I cannot name any others.

You might want to consider opening account with one of these companies. I cannot speak for other creditors as t where they get their credit information. In six months after opening an account you would have a score from TU.

I hope this helps