Bank not reporting payment history.

[Anonymous]

Hi there,

I have been in the USA for 6.5 years and while I have a good credit score (learnt that there is a 50 point diffrential between the different credit score companies), I don't have payment history.

However I have recently found out that my local bank, who I financed a car through 4 years ago which is 3 months away from being paid up, never reported the account to the credit score compaines.

I recently enquired about purchasing a new vehicle and they wanted to give me a high interest rate because of no payment history.

Do I have any recourse with my bank?

Can i ask them to report the loan?

Can they show the history?

Your advise would be gretly appreciated.

Many thanks

Tony

[MarineVietVet]

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@Anonymous wrote:

Hi there,

I have been in the USA for 6.5 years and while I have a good credit score (learnt that there is a 50 point diffrential between the different credit score companies), I don't have payment history.

However I have recently found out that my local bank, who I financed a car through 4 years ago which is 3 months away from being paid up, never reported the account to the credit score compaines.

I recently enquired about purchasing a new vehicle and they wanted to give me a high interest rate because of no payment history.

Do I have any recourse with my bank?

Can i ask them to report the loan?

Can they show the history?

Your advise would be gretly appreciated.

Many thanks

Tony

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You can certainly ask them but not every creditor reports to every CRA. For example the local CU that I do business with for all my loans doesn't report to TU for whatever reason.

It might be just an oversight by your bank. No harm in asking them about it.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[RobertEG]

Creditors must establish credit reporting agreements with each CRA they report to, so some choose to defer the time and cost by limiting their reporting.

Additionally, while no party is ever required to initially report to a CRA, once they do, they have a legal obligation to maintain the accuracy of their prior reporting as time goes on.  That obligation is avoided by simply not reporting information that will therafter require monitoring to maintain its accuracy.

Finally, they avoid any FCRA disputes, as the consumer can only dispute what is reported.