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No More Hidden TL for California , Tally etc

emily15
Contributor

No More Hidden TL for California , Tally etc

So (I think) we all know PayPal credit with Synchrony recently started reporting..
I got an email from Tally last week that said
“ In February 2020, we will begin reporting your Tally account to the credit bureau to comply with a new law in California.”

from what it looks like when PayPal started reporting, they date the account from when you opened it, so at least that’s good news.
Anyone familiar with this “new law” in CA?
4 REPLIES 4
M_Smart007
Epic Contributor

Re: No More Hidden TL for California , Tally etc


@emily15 wrote:
So (I think) we all know PayPal credit with Synchrony recently started reporting..
I got an email from Tally last week that said
“ In February 2020, we will begin reporting your Tally account to the credit bureau to comply with a new law in California.”

from what it looks like when PayPal started reporting, they date the account from when you opened it, so at least that’s good news.
Anyone familiar with this “new law” in CA?

With regards to PayPal Credit, they are reporting My account opened 2012 ..That is when Commenity took over (if I am not mistaken)

I believe I opened BML PayPal Credit in 2006-2007. But never the less, it added a little to My AAoA so I can't complain to much.

 

I am not familiar with any *NEW* CA Law... But will check it out.

 

Message 2 of 5
Lizzo
Established Contributor

Re: No More Hidden TL for California , Tally etc

Well this is rather disappointing.



Message 3 of 5
Lizzo
Established Contributor

Re: No More Hidden TL for California , Tally etc

Can it be disputed as an unauthorized account? I read my Terms of Service agreement apart of the sign up process and there is no mention of reporting or hard inquiries. And, I didn't receive any email; but I kinda don't want to email and ask. 



Message 4 of 5
Remedios
Moderator

Re: No More Hidden TL for California , Tally etc

I hope you're not suggesting person disputes their own account as fraudulent one, because that's what "unauthorized" means.


As far as reporting, unless there has been some recent change, reporting accounts is voluntary. Lender can opt to report, or not report at all (exceedingly rare).
They can also report to a single CRA, or any combination of the major three reporting agencies. The only requirement is that if they do report, it must be accurate.
Message 5 of 5
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