Credit Reporting

Anonymous · ‎05-16-2016

If a company pulls my credit (Hard Hit) and then gives me credit as to where I start making monthly payments. Does the creditor have to also report back to my credit showing that I am making my payments on time, or can I request the creditor to report (in order to build up my credit).

I got credit from a company and have been making all my payments on time but they don’t report it to my credit, even though they performed a hard pull that damaged my credit, this is why I am asking the question above. Thanks

Pway · ‎05-16-2016

What creditor is you referring to?

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

Anonymous · ‎05-16-2016

The company is Smart Pay Leasing https://smartpaylease.com/

Pway · ‎05-16-2016

From what I have read it looks like they don't report. They only report negative information.

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

Anonymous · ‎05-16-2016

My understanding is that the creditor will always do a hard pull on you before lending you money to determine your credit worthiness. However they don't have to report your payment history or balance to ANY credit bureau. Most small companies do not report as it's additional cost to them. Some people like it that way as well because the tradeline is hidden and won't affect AAoA or UTIL.

RobertEG · ‎05-16-2016

Having obtained a copy of your credit report is not basis for requiring the party to them report any account established with you to a CRA,.

Credit reporting is voluntary (with, to my knowledge, the sole exception being federal student loans, which have mandatory reporting requirments under the Higher Education Act).

Some parties who do pulls as part of their business process do not even have credit reporting agreements with the CRAs, and thus cannot report their account activities.

Reporting requiremnts under the FCRA only kick in once a party has chosen to report information. Once have reported, the furnisher then has an obligation to report any updates necessary to maintain the accuracy of the reported information. They can, of course, ditch that obligation at any time by simply deleting their account.

RonM21 · ‎05-16-2016

It would be nice to have a credit line report that you know you've done well with. Unfortunately, the rules set are what they are.

Total CL: $321.7k

UTL: 2%

AAoA: 7.0yrs

Baddies: 0

Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

takeshi74 · ‎05-17-2016

@Anonymous wrote:
If a company pulls my credit (Hard Hit) and then gives me credit as to where I start making monthly payments. Does the creditor have to also report back to my credit showing that I am making my payments on time, or can I request the creditor to report (in order to build up my credit).

No. A hard pull doesn't necessarily mean that a company will report so don't rely on such an assumption.

As another example, there are a lot of business cards that pull personal reports but do not report on personal reports unless delinquent.

@Anonymous wrote:
I got credit from a company and have been making all my payments on time but they don’t report it to my credit, even though they performed a hard pull that damaged my credit, this is why I am asking the question above.

A hard pull is typically a small factor. If one hard pull caused significant damage then you have bigger issues that need to be addressed with your credit profile than the one hard pull. Hard pulls can have a bigger impact but that's typically for those with thin credit profiles and/or credit profiles with issues. Idenitify the issues with your credit profile and work on addressing them.