Reviews Of Credit Reports Services
2010
Why don’t companies that run your credit have to report?
Why don’t companies such as a cell phone, utility, phone company have to report to the credit agencies even though they run a a credit report when you apply/activate such a service. Shouldn’t any company that runs your credit to “deem you worthy” have to report your history with such company. For example my cell phone provider ran my credit and deemed it necessary to require a deposit based on my credit report, i paid it and it was refunded after a year of on time payments, shouldn’t they have to report my positive review to at the very least the credit agency they ran the report through? This seems very unfair to me to base offering services based on my credit history but not to report positive, or even negative experiences to these agencies? Why is the system set up this way?
Credit report actually scores your credit history. In another words vendors before approving you for service would like to make sure that you are able to manage your financing. Most utilities and cell phone companies require security deposit for certain period even if you have a good credit history. to make sure that they won’t lose the money if you are in default. After a year they made enough profit by providing you service that they are able to return your deposit without fear that they lose it even if you stop paying.
Now, there is no legal requirements to any business entity to report to credit agencies. The reason lending companies do it is that by sharing this information they are saving more by excluding bad borrowers than the cost (labor, equipment) of reporting. The first paragraph explains that this reason doesn’t apply to utility, cell and similar companies. The credit they are given to you is so small that it is not worth reporting. Keep in mind, though, that some of them do report. I saw a number of credit reports where Verizon are reporting good history. Most of them are not reporting even if you are delinquent. They will transfer your debts to collection company that will report the delinquency.
One more time, no law requires to report or not to. However, the law regulates the conditions of reporting if the company chooses to do it.
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