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