It is not necessary for all creditors to report to the three credit Bureaus

Each one of us has three separate credit reports which we can obtain from the three national credit reporting bureaus: Experian, Equifax and TransUnion. When you obtain of the free credit check and discover that loan accounts or lines of credit are missing, it only signifies that the lenders must not have reported your credit history to all of the three credit bureaus. According to the Fair Credit Reporting Act (FCRA) that lends freedom to lenders and creditors over reporting credit activities, they are not bound to convey your account or the activity to all of the three credit bureaus. Many times, the lenders and the creditors may report your account to only one or two credit bureaus. This is the main reason why some accounts are displayed on some but not on all the credit files.

Missing accounts from credit makes difference

When constructing a positive credit history, flaws in the credit statement are reasons why credit score varies.

They are calculated based on the information available from each of the three credit bureaus. When you apply for a new loan or the line of credit; creditors and lenders could monitor any of the three credit reports, if there is one that has negative information, unfortunately, you will be denied due to your bad grade. Therefore, it is very important to take care of the inconsistencies present in each report as they are significant.

Along with being honest toward your payments and credit, it is also essential to monitor your statements more often. This is to remain clear about the changes happening in your statement. Moreover, it is not mandatory for lenders or creditors to abide by your request to check your history from the credit bureaus. Rather, you should be the one to pull your reports from the three agencies and carefully go through every detail mentioned and check for missing accounts. If there is any account missing, you can write about it to the respective credit agency supported with copies of the evidence.

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1 COMMENT

  1. I am in Ghana and address is in Takoradi. Ghana. I am unable to access my credit score because we have no zip code. How do I get my credit score?

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