FCRA Question

[Anonymous]

Is there a particular section in the FCRA where it specifically says that creditors do not by law have to report to credit bureaus or is it implied by omission? I can't find anything, however I'm pretty certain they do not have to by law. 

[Cowboys4Life]

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@Anonymous wrote:

Is there a particular section in the FCRA where it specifically says that creditors do not by law have to report to credit bureaus or is it implied by omission? I can't find anything, however I'm pretty certain they do not have to by law. 

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There is no requirement that they report.  That is why you see the statement "we report to the bureaus" in terms and conditions and in advertisements for credit rebuilding.  What the law DOES require is that if they do report they do so accurately.

[Anonymous]

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@Anonymous wrote:

Is there a particular section in the FCRA where it specifically says that creditors do not by law have to report to credit bureaus or is it implied by omission? I can't find anything, however I'm pretty certain they do not have to by law. 

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Yes there is no law that they have to report.  Companies pay these CB to report so if you're a company and you don't want to pay that money then you don't have to.  There is no law that tells a company that extends credit to folks they have to pay a CB to generate that info.

[RobertEG]

In viewing the history of credit reporting since its inception, initial reporting has always been voluntary, with rare exception.

No such requirement was incorporated when the FCRA was first established.

Other statutes, such as the Higher Education Act and some state child support statutes, have established explicit initial reporting requirements for limited and special items, such as monthly derogs on federal student loans and child support arrears know to a state agency, but they are rare and are not explicit provisions of the FRCA per se.

Mandatory reporting under provisions of the FCRA are only triggered after initial reporting of information, and require updated reported if the information previously reported has changed and is thus no longer accurate.  See FCRA 623(a)(2).

[Anonymous]

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@RobertEG wrote:

In viewing the history of credit reporting since its inception, initial reporting has always been voluntary, with rare exception.

No such requirement was incorporated when the FCRA was first established.

Other statutes, such as the Higher Education Act and some state child support statutes, have established explicit initial reporting requirements for limited and special items, such as monthly derogs on federal student loans and child support arrears know to a state agency, but they are rare and are not explicit provisions of the FRCA per se.

Mandatory reporting under provisions of the FCRA are only triggered after initial reporting of information, and require updated reported if the information previously reported has changed and is thus no longer accurate.  See FCRA 623(a)(2).

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Thanks for the reply. I was looking for specific text that says they are not legally required to report. I'm on a GW campaign and they're of course telling me they must report accurately, meanwhile I'm just asking if they will kindly not report at all. I figured have some visible text from the law I could cite, might help my situation. 

[Anonymous]

You simply say exactly that: “but you’re not required to report at all…. you’re only required to report accurately IF you report.

[Remedios]

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@Anonymous wrote:
You simply say exactly that: “but you’re not required to report at all…. you’re only required to report accurately IF you report.

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Why would they say that if reporting is accurate?

OP wants negative gone, so they came up with "compromise"....*okay, then don't report at all* 

To think that lender would remove entire account because someone ended up with late(s)...not happening.