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No. Lenders don't "have" to report to credit agencies at all. Credit reporting is totally voluntary. There is no law which requires or compels it. The Fair Credit Reporting Act states that IF information is reported, then it must be accurate. But there is no provision that insists on reporting.

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โˆ™ 2005-05-11 16:05:59
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Q: Do lenders have to report to credit agencies the same time each month?
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Related Questions

How do credit agencies keep their information up to date?

Lenders, at their discretion, report the status of all their loans to the credit bureaus each month. The information that they report is not necessarily up-to-date or accurate.


How long does it take for negative information to be reported to the credit bureaus and show up on your credit report?

Most lenders report once or twice a month to the credit reporting agencies and usually on a specific date. This date depends entirely on the lender. So, it can take anywhere from one to thirty-one days.


You have lowered the balance on your credit cards but it is not shown on your credit report How do you correct that?

Just have to wait. The credit card company usually updates the credit reporting agencies once a month. Call your credit card and ask them if they can tell you what day that is. Then it can take up to a month to show up on the credit report. Knowing what day they report is good, because if you want to buy a new computer but tomorrow is the day they report to the agencies, hold off on the computer 2 days, and you'll at least look good for that month's credit report. If you paid it and it's not showing up even after a month, I'd first call your credit card company (they're easier to get ahold of). If they can't help, you can try to correct it by contacting the 3 agencies: www.experian.com , www.transunion.com ,and www.equifax.com . But usually their dispute process takes a month or two, so you're probably better off just waiting it out.


How can one get a copy of their credit report?

All three credit reporting agencies are obligated to send one free credit report per year to whomever requests it. There are companies that will provide information on credit reports for a fee. These are recurring fees that are charged each month.


What if you had a foreclosure and it is not on your credit report?

It sometimes takes a month or two to be added as a negative on your credit report.


Is it OK to check your credit report after you've been denied a credit card because of your credit history?

Yes. In fact, if you are denied credit based on something in your credit report, you have a right to a free copy of the credit report that shows the unfavorable information. There should be a procedure in the denial telling you how to get the copy of the report. Additionally, credit reporting agencies are required to provide one free credit report annually. Since there are three different credit reporting agencies, I recommend that you request one every 4 months, and cycle through them. Check out http://www.annualcreditreport.com/. Don't be taken in by the credit monitoring services that cost ten or twenty dollars PER MONTH like "freecreditreport.com", which is anything BUT free.


I just purchased a 3in1 credit monitoring report and the credit scores that I got from them are different lower than ones purchased from the credit agencies in the same month Why?

The only reason may be timing. It is possible that between purchasing the 3in1 service and receiving the scores from the bureaus that updates or changes were made to your credit report. Sometime it takes a few months for changes to get to a credit bureau and be incorporated into one's credit report.


Is a bad debt erased after 7 years?

No it is NOT! You have to get your credit report to see when the creditor last updated their report to the credit reporting agency. If the creditor chooses to report this bad debt every month than your bad debt will only be erased from the last update. For example: You have a bad debt from a Sears credit card from Jan of 2010. Each month Sears has reported your bad debt to Trans Union or one of the other agencies. The new date is from the last time they updated your credit report NOT from Jan of 2010. They can update it every month for the next 20 years and it will stay as a bad debt and ruin your credit report score. Legal to do it too.


How often is your credit report updated?

Supposedly every month


Does credit reporting agencies automatically send credit status reports to consumers each month?

yes true


I just purchased a 3in1 monitering report from true credit.com the credit scores I got from them are different and much lower then from each individual credit agency that I purchased in the same month?

It could be that additional information was reported to the credit agencies. Note that inquiries on your credit decreases you credit score. Also you did not mention by how much was the much lower score. The only time that it is a true benefit of using a monitoring report company if you had your identity stolen otherwise its not necessary. If you are interested in repairing your credit and/or are in the process of repairing your credit the credit agencies send you an updated report 30-45 days after each dispute cycle. Note you can repair your own credit


What if one of the three credit agencies shows your payment history as unknown for each month is this hurting your credit score?

No. Not all creditors report to all CRA's. For example Trans Union is basically the Mid-West. The other two major CRA's report few Mid-West accounts.


Is it better to pay your credit card balance in full or make monthly payments more than the minimum?

Pay the card off and only use the card once a month for a small purchase or a nice dinner. This will enable the creditor to constantly report your pay history to the credit reporting agencies. If you pay it off, you will lose that positive reporting to the credit agencies.


Can you schedule your payments to credit card companies just slightly ahead of the date each month that they report to credit reporting agencies?

If you mean... Your payments are due May 5th and you pay May 5th payment on June 3rd... Then yes, they cannot report Mays payment as being 30 days late. I have been doing it every month for over a year trying to get caught up


Where do you get your credit report?

your rightsYou are entitled to one free credit report from all agencies a year by law. Annualcreditreport.com is where you can get it.You can go to freecreditreport.com. They will give you a free trial. I think it's 30 days. It's $12.95 a month after that. Cancel it before your trial period and you pay nothing. It will give you access to 2 different reports.


How often do creditors report to the credit bureaus?

Creditors may report any time there is activity on your account, if a credit report is pulled [for a credit application] or if payments are made late. Capital One may report every month whereas a smaller department store card may not report at all. It solely depends on the creditor on how often the credit report is updated.


Where can one get a free equafax report?

A free Equifax report can be obtained through the Equifax site as well as Free Credit Report. Most free Equifax credit reports require a subscription of $19.95 per month credit monitoring and reporting. However, that can be canceled after receiving the report.


Is credit card balance real time when a credit check is done?

No, credit card companies submit to the credit agencies on a monthly basis at the end of each month. So if you are checking your credit card the 3rd week of the month you will see last months credit card statement balance not what you currently owe on your credit card.


How often does Capital One report to the credit bureaus?

Normally, banks such as capital one report to credit bureaus every thirty days or every month. Also, when they make their report, all information should be complete and correct.


How to Obtain a Free Credit Report?

You are entitled to receive a free credit report each year from the three major credit reporting agencies – Experian, TransUnion and Equifax. Upon request, each agency will provide a copy to you in one of three ways: by calling the toll-free number, 877-322-8228; completing a form that is available from the Federal Trade Commission; or, by going to AnnualCreditReport.com, the website that is authorized by each agency that allows consumers to access their credit report online.You have the option of requesting all three credit reports or just one at a time within a 12 month period from the online site. If you decide to request your credit report directly from the credit reporting agencies, you might be charged a fee unless certain criterion is met. The general requirements to receive a free credit report directly from the reporting agencies include: being denied for a loan or job based on information in your credit report; living in a state that offers free credit reports to residents; and, if you have applied for unemployment insurance or are receiving public assistance.Information in the Credit ReportYour credit report contains information regarding your payment history with various types of accounts such as credit cards, revolving accounts and student loans. The debt to credit ratio is also listed. Additionally, previous employers and resident addresses are included.Beware of ScamsThere are many web sites which claim to offer free credit reports, but are actually scams that could cost you. AnnualCreditReport.com is the only site that is federally mandated and authorized by the three credit reporting agencies to provide a free report without hidden fees. Some web sites are not scams, but are also authorized by Experian, TransUnion and Equifax to market additional services.The imposter web sites may use 'free report' in their web address. Others might misspell the name of the authorized site on purpose in an attempt to redirect you to sites that collect consumers' personal information or to sell other products. Still, there are other sites that make claims of offering free credit reports, credit scores or credit monitoring. Many of these products have strings attached. When you accept the offer, it turns into a trial period. If you do not cancel, you may incur charges to your credit card.


If you pay off a credit card balance is it bad your my credit report?

not always, depends on your credit situation. keep using and paying off your credit card every month to improve your credit score


Once you pay off a high balance on a credit card how soon will that affect your credit score?

Once you have paid the credit card balance off it will affect your score the following month. This is because the credit agencies only update your credit once a month. So the month following the payment would reflect the new balance of $0 and the score would be raised at that time.


Are there really any very low interest rate credit cards?

The best way to avoid interest on credit cards is to a) pay them off entirely each month and b) don't use them except for emergencies. Lenders collect billions of dollars annually in interest; that's the point of credit cards: to create revenues for the lenders. Savvy consumers who want to pay low rates do not use credit cards, and so are not of interest to most lenders. Lenders offer a variety of credit products and run promotions nearly every month for low or no interest cards, though these rates are extended for six to twelve months and not for the life of the card. There is no benefit to the lender to extend low interest, so generally they only do so in the short-term. Go to www.creditcards.com to review a list of options from various lenders.


How Can I Get My Free Annual Credit Report?

Under the FACT Act changes towards the Fair Credit Reporting Act, you're entitled to one free annual credit report from each one of the three major credit reporting companies in a 12-month period.


Where can you obtain a free personal credit report?

Some credit report companies offer a month of trial period, you can use that to get a free credit report. You can also request for free annual credit report through TransUnion, Equifax and Experian.