EQ not reporting mortgage and claims it doesn't affect score?

[Anonymous]

I called EQ today after my mortgage is still not reporting (opened 9/09) and the CSR said they aren't reporting it because GMAC doesn't report it to them, but don't worry, it doesn't affect my score? WHAT??? Their own website states credit scores are based on your payment history, mix of credit including mortgage, revolving, and installment accounts, etc. So my paid on time mortgage would not affect my score if it were reporting??? Please someone explain this to me, I believe it's faulty logic on EQ's part?

[Jazzzy]

Hi beachy...well, yes...it would affect your score. Right now, for example, it would be a new account (< 1 yr) and would lower your average of accounts. Eventually it would show good payment history.

Bottom line...EQ can't report what GMAC doesn't report to them. There is no rule that GMAC has to report. This really is not EQ's fault...but their logic was faulty.

[RobertEG]

I concur.  Any creditor can choose not to report to any CRA, to only one, two, or all three.  Solely their option.

Their opinion on having no afffect on credit scoring is clearly incorrect, but they are correct in stating that they cant post what is not reported to them.