Credit Advice

Businesses are not required to report your account payments


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Credit Advice

Businesses are not required to report your account payments

Dear Experian,

I obtained an auto loan at a place that services those with poor credit. After three years of successfully paying my loan each week, I checked my report. Nothing was reported by them. Aren't creditors SUPPOSED to report to the credit agencies? I worked very hard to see to it that my auto loan would make a very positive impact on my credit report.


Dear AMA,

Lenders are not required to report information to a credit reporting company. Credit reporting laws only specify what a business must do if they choose to report information.

Many of the buy-here-pay-here type businesses do not report your payments to Experian or the other credit reporting companies. That is a business decision they make.

Before you agree to a credit payment plan with any organization, one of the first questions to ask is whether it reports your payment history to a national credit reporting company.

If it does not, the account will not become part of your credit report and will not help you improve your credit history.

I am very sorry that you had that experience. It does sound as if you have your credit back under control. If so, perhaps there is an opportunity to transfer your loan to another lender to get better terms and ensure that they report their accounts to the credit reporting companies. 

Thanks for asking.

- The "Ask Experian" team

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