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Topics addressed on February 19, 2010:
Account not reported by lender
How do I add an account that is on my other reports but not on Experian?
In order to report information, lenders must be subscribers to Experian services, meeting our security and legal compliance standards, and using standardized reporting systems. Perhaps your lender does not have a contract to report their accounts to Experian
The credit reporting system in the United States is voluntary. The Fair Credit Reporting Act (FCRA) does not require lenders to report information. It specifies what a lender must do if it chooses to report account information.
If a lender chooses to report information, they must report accurately, update the accounts regularly and respond to any disputes within the timeframe required under the law.
Lenders also decide to which credit companies they will report information. Most large lenders report to all three national credit reporting companies. Smaller, local or regional lenders may report to only one or two. Or, they may choose to not report account information at all.
Thanks for asking.
- The "Ask Experian" team