Third-party Tradeline

[Anonymous]

Just wondering...

Is there any company that reports your recurring payments for you? e.g. I have a Verizon account paying $125 a month, but I want it report it on my CR. Can this company create a line of credit for me, so I can report on-time payments to the major CB? Given the fact that I do not have credit score, hence I can't obtain a credit card to do so.

Thanks!

[Anonymous]

FICO 8 (the most commonly used family of scoring models) does not consider as a positive regular payment of utilities, rent, cell phone bills, etc. 

FICO 9 does do this, but since few lenders or CC issuers use FICO 9 yet, the strategy you suggest would likely give you little benefit, though the third part entity would certainly charge you for this thing that doesn't benefit you.

Have you pulled any of your three credit reports yet?  If so, when did you do that?  Pulling your reports should be your first step.  Assuming that you have no derogs on them, it should be easy to get a secured credit card.  The folks on this forum can suggest specific options.

[Anonymous]

Get a secured card, it wont be reporting installment but it will be report usage.

[RobertEG]

My concern would be with how that third party could, if they are not the party who extended credit or was involved in the business transaction, be responsible for the accuracy or completeness of the reported information, or could respond as a furnisher to any disputes of accuracy via either a dispute via the CRA or directly with the furnisher if the accuracy of the information were challenged?