No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Just wondering if insurance companies REPORT to credit bureaus. I know that insurance companies will PULL your credit report.
I am looking for non-credit ways to help out my credit report... Just wondering if taking out renter's insurance would help it at all.
Nope, they do not report. Neither do utilities, such as gas, electric, phones, etc....
If you were to go deliquent on these accounts then they would likely report negatively.
Credit Cards and installment loans are the TLs that will show on your reports.
They can, if they choose. They also have permissible purpose for access to your CR.
They may not have a regular regime of reporting monthly, but like most utilities, may choose to report when things go south as a debt collection measure.
pizzadude - in some areas, some utilities do report monthly and bi monthly and quarterly, depending on their billing cycle.
I am trying to remember which electric company use to report bi-monthly....I don't remember which one it was. I know when I had a credit application, I had to explain why the utility company was reporting AND get a letter from the electric company stating the account was current. This was back in 2003 and 2005.
In the old days, the utility companies never reported.
For the most part, people should not think of the utility companies reporting and count on that to build credit.
@IOBA wrote:pizzadude - in some areas, some utilities do report monthly and bi monthly and quarterly, depending on their billing cycle.
I am trying to remember which electric company use to report bi-monthly....I don't remember which one it was. I know when I had a credit application, I had to explain why the utility company was reporting AND get a letter from the electric company stating the account was current. This was back in 2003 and 2005.
In the old days, the utility companies never reported.
For the most part, people should not think of the utility companies reporting and count on that to build credit.
Ok cool ~ thanks for letting us know. I just haven't ever seen any of my utilities pop up on my reports, but in general I think it would be great if they would do it. Certainly it could help a lot of people raise their scores if FICO would consider these accounts - but I don't know if they are just ignored by FICO or how they would be viewed.
I had a utility company (electric) report on my CR when I lived in Milwaukee. It is stil on my CR as a tradeline.
I have never seen any insurance company report on my credit. Nor have most utilities. The one exception is my electric company, United Illuminating in Connecticut reports every month. For some reason, though, UI appears as "Installment Account" rather than as a utility. Southern CT Gas, AT&T (landline phone), Virgin Mobile (portable wireless Internet device), Comcast (cable TV and Internet), and Sprint (the cell phones my wife and I carry around) have never appeared in my credit reports.
Also,while my personal AMEX Gold Card appears on my credit history, the AMEX Corporate Card from work never has appeared on my reports. I suppose my AMEX from work doesn't appear because it is strictly for business purposes and my employers make electronic payments directly to AMEX.
@MattH wrote:Also,while my personal AMEX Gold Card appears on my credit history, the AMEX Corporate Card from work never has appeared on my reports. I suppose my AMEX from work doesn't appear because it is strictly for business purposes and my employers make electronic payments directly to AMEX.
That's interesting that your Electric bill reports as "installment" ~ I would assume that FICO scores it as a regular installment loan if that is the case. IME most utilities won't report unless you stop paying, then they become COs or collections.
AMEX is similar in that doesn't report corporate cards unless you become seriously deliquent ~ I guess it makes sense because companies are reimbursing your account directly, and it keeps your other creditors from become nervous if you happened to rack up $20,000 in travel charges in a month.
I used to have a tanning membership that reported as an installment, lol. Still on my CR as a postive tradeline!