What types of accounts (other then CC and Loans) show up in CR?

[Anonymous]

Hey everyone,

I am just curious as to what types of account show up in ones CR. For example, would a internet bill, energy bill and etc show up?

[p-]

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@Anonymous wrote:

Hey everyone,

I am just curious as to what types of account show up in ones CR. For example, would a internet bill, energy bill and etc show up?

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Normally accounts of this type don't report unless you are in collections.  They use credit reporting as a lever to get payment on overdue accounts.  Many utility companies have internal collection departements that once they recieve a delinquent account begin reporting, while the main utility never reports accounts in good standing.

Typically your credit report is limited to money you have borrowed, like loans, mortgages, credit cards, etc. and also includes obligations you failed to meet, like unpaid medical bills, judgements, collections for just about anything.

If you have no credit history at all and want to get started, you have options.  Some of the utilities will give you a "letter of credit" showing your payment history, which may or may not be helpful in getting a low limit card at your local credit union.  Secured cards are also a great way to establish history.

Good luck!

[RobertEG]

There are three types of credit covered by the FCRA.

Revolving credit is credit for which you have a pre-approved limit to access, and the amount of debt and level of monthly payment revolves around your use against that availble limit.

Installment credit is credit for which you contracted for a specfic amount, and have a set monthly payment and due date to repay the debt.

Open credit (not be be confused with the similar term referring to an account status)  is credit for goods or services extended to you, and payable in full when billed.  Most utility, cable, satellite, rent, etc., debt owed that is due upon the item or service being provided are the standard forms of open credit.  As has been stated, most creditors dont make regular reports to the CRAs regarding the consumer's payment of their open credit accounts.

[Anonymous]

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@RobertEG wrote:

There are three types of credit covered by the FCRA.

Revolving credit is credit for which you have a pre-approved limit to access, and the amount of debt and level of monthly payment revolves around your use against that availble limit.

Installment credit is credit for which you contracted for a specfic amount, and have a set monthly payment and due date to repay the debt.

Open credit (not be be confused with the similar term referring to an account status)  is credit for goods or services extended to you, and payable in full when billed.  Most utility, cable, satellite, rent, etc., debt owed that is due upon the item or service being provided are the standard forms of open credit.  As has been stated, most creditors dont make regular reports to the CRAs regarding the consumer's payment of their open credit accounts.

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I see, well the main reason as to me asking is due to my fathers score, with no credit of any kind.

He has a DTE Energy account dating back to 2001, only account.

Thank you all for your helpful insight.

[llecs]

There are a few rare utilities that do report monthly. I'm not sure how FICO sees them, though.

[Anonymous]

You might consider helping your dad pull a free report and score from here - http://www.myfico.com/Products/Products.aspx

ScoreWatch has a free ten day trial.  Just cancel before the ten  days to keep it free.  Or keep it going to monitor reports.

That way he'll see exactly what's on his reports (and a true FICO score).  It'll also tell him a bunch of other helpful stuff about his individual report.

[Anonymous]

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@Anonymous wrote:

You might consider helping your dad pull a free report and score from here - http://www.myfico.com/Products/Products.aspx

ScoreWatch has a free ten day trial.  Just cancel before the ten  days to keep it free.  Or keep it going to monitor reports.

That way he'll see exactly what's on his reports (and a true FICO score).  It'll also tell him a bunch of other helpful stuff about his individual report.

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I actually just did that, I was surprised to find out that he is two months behind on the mortgage, given that he set it up so that the monthly payment are taken from his bank account .

Looks like someone needs a stern talking to LOL

[RobertEG]

The problem with no active credit of any kind is that it does not provide FICO the data needed to do a risk analysis.

FICO is not an evaluation of overall credit-worthiness.  It is an evaluation of your risk of delinquency within approx the next two years.

I doubt that Donald Trump gives one hoot about his FICO score, yet it could be very low if he regularly pays little attention to due dates.

FICO does not consider income or total assets, and thus is not an overall scoring of credit worthiness.  It is a scoring of liklihood of not paying timely.

If your dad does not plan to secure credit in the future, he may not ever even need a FICO score.