The Fair Credit Act enacted by the Credit Bureaus is in charge of how details can be used and given to credit reporting agencies. However it does not say that lenders have to report such details. Often, most major banks report to all three Credit Bureaus. But smaller regional banks and credit unions may only report to one or two credit bureaus. On the other hand, there are some lenders and others who do not report at all.
You can request your credit union to report to all three credit bureaus. Even though it may not achieve the required result. Lenders are to have an account set up with a credit bureau. For the bureau to take the details, which costs money.
Businesses on the other hand usually report events like account closures or charge-offs.
The governmental outfit that maintains public records on their own end. Usually, do not report to the credit bureaus. Although the bureaus usually obtain the documents on their own. Owing to this, debt filings also pop up on credit reports.
Creditors and Credit Bureaus
Creditors and lenders like banks and credit card companies pay. The report details to any of the three major credit reporting bureaus. Which are Experian, Equifax, and TransUnion. Since cost is involved, some creditors and lenders may opt to use only one service rather than using all three.
When creditors report to the credit agencies depends on the creditors. While some creditors report to the bureaus on a monthly basis. Some lenders and creditors submit details on a quarterly basis. However many businesses file on every other day. This implies that an individual’s credit report is often updated.
Negative Hits on Credit Reports
Late or missed payments stays on an individual’s report for seven years. After which the credit bureaus clear the data.
Debtors who spot wrong details on their credit reports can file a dispute with the credit bureau. And also with the creditor who offered the incorrect data. Most claims are to be checked within 30 days. And if the claim is true to be incorrect, all three bureaus must have the report removed.