If I have a two year contract with a cell phone company, and if I pay my cell phone bill on time in full every month until the contract is up, does that build my credit scores?
Unfortunately, payments to service companies such cellular telephone companies, electricity providers, and natural gas services are not currently reported in most areas.
However, failure to make your payments could result in your account being sent to collections, and the collection account could then appear on your report. Therefore, it is still important to make all of your utility payments on time.
Experian does collect positive rent payment history, so paying the rent on time may help you build your credit history if your landlord agrees to report the data. Even a landlord with a single property can report their tenant’s positive payments for a small fee. Visit http://www.experian.com/blogs/news/2012/05/16/clearnow/ to learn more about the service.
If you don’t know what accounts are being reported for you, you may want to request a copy of your credit report from Experian at www.annualcreditreport.com.
After receiving your report you will have an opportunity to order a VantageScore credit score. Along with your score, you will receive a report that explains the factors from your credit report most affecting the score. The factors describe what you need to focus on from your personal credit history to improve your credit standing.
Thanks for asking.
The “Ask Experian” team