Is Credit Reporting required?

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We know that having accurate credit information on your three credit reports is vital to qualify for new financing. Having a mistake or inaccurate details will jeopardize your approval to the bank.


However, here is the juicy part......




Yes! You read that right. Credit reporting is not required.


Most of the creditors report your data information so that you will be accountable for what finances they share with you. Some creditors will only furnish your data information to only one or two credit bureaus. And some do not report to anyone.

If your timely payments have not been reported, valuable information has been left off your credit report. You can ask. Often, smaller companies who do in-house financing do not report to the credit bureaus. You deserve to have your timely payments shown through your credit score. Get your free credit reports from here to be assured your timely payments are being reported correctly.


Credit Reporting is VOLUNTARY

It is upon the decision of the creditor if he wants to report your information to the credit bureau. On the other hand, it is upon the decision of the credit bureau if he will include your data in your credit report. 
Just like in life, you cannot control the creditor's decision to share your data. However, there is a way (Yes! There is a way.) for you to add positive information on your credit reports. 


And this is by means of the consumer-permissioned data. 

Consumer - permissioned data are your data that allow the credit bureau to have access. 

Here are the three major consumer-permissioned products (and their link, of course) that will help increase your Experian and Transunion credit scores:


  1. Experian Boost - influences your Experian credit scores.
  2. UltraFICO - for FICO 8 and 9 Experian users only.
  3. eCredable Lift - for Transunion users only

Having a positive credit score is very important so take note of these details to achieve a wonderful credit score.