Posted on: 12th Oct, 2009 03:53 pm
Is it manditory, by law, for bank, or lending companies, to report credit history. I know they must report credit history correctly but are they required by law to report it at all.
Hi bayne!
Welcome to forums!
In my opinion, it is important to report credit history to the credit bureaus because it helps you in building up your credit. If the creditors report your monthly payments to the credit bureau, it will help you in increasing your credit score. Thus, in future, lenders would consider you credit worthy and would give you any amount of loan depending upon your income.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In my opinion, it is important to report credit history to the credit bureaus because it helps you in building up your credit. If the creditors report your monthly payments to the credit bureau, it will help you in increasing your credit score. Thus, in future, lenders would consider you credit worthy and would give you any amount of loan depending upon your income.
Feel free to ask if you've further queries.
Sussane
Agree with sussane. It is not only imprtant for the lenders but also for the consumers.
It will help you to build your credibility and will be easy for you in the future when you appply for a loan or any type of credit
It will help you to build your credibility and will be easy for you in the future when you appply for a loan or any type of credit
well, i see you haven't had your question answered, bayne.
i do not believe that it is mandatory that a creditor report your account to credit agencies. in fact, i'm pretty certain of that, inasmuch as many accounts go unreported by creditors.
i agree with the others who maintain that it's important that creditors report.
i do not believe that it is mandatory that a creditor report your account to credit agencies. in fact, i'm pretty certain of that, inasmuch as many accounts go unreported by creditors.
i agree with the others who maintain that it's important that creditors report.
George is correct.
Not all of them report it
Not all of them report it