All the information reported to the three credit bureaus Equifax, Experian and Transunion affects your credit either negatively or positively. If you have poor credit or no credit at all, you want every on-time payment you make to be reported to all of the credit bureaus as this will increase your credit score. But, not all creditors report to every agency and some creditors forget to report on-time bill or loan payments. Revise your credit report and clear up any missing information on timely loan payments to get your credit score to increase.
Get Credit Report
Every American is entitled to an annual free credit report from each of the credit reporting agencies. Get your free copy at the Annual Credit Report Website or at any of the three reporting agencies.
Review Information
Review all three reports to see if the loan you are paying on is being reported to one or two of the agencies but not to the other. Make sure all the payment information is correct. Contact the credit bureau and the reporting creditor if the report contains misinformation or accounts that you did not open.
Contact Creditor
Contact both the creditor and credit bureau who is not reporting the payments by phone and explain the situation. The contact information will be on the credit report and should also be available on your payment statements. Ask for the loan payment to be reported to all three agencies and not just to one. Find out why the loan is not being reported to any of the agencies if it does not appear on any of the credit report documentation. Some banks do not report to credit agencies. Find out what their loan policy is when it comes to reporting this information.
Letter of Confirmation
Follow up on the phone conversation with a letter explaining your need to have the loan payments reported to all three credit bureaus. Allow another payment cycle to pass before checking to see if any action has been taken.
Follow Up
Obtain another copy of your credit report from the three credit reporting agencies a few weeks after making the following monthly loan payment. Review the reports to see if the payments are now being reported. In most cases they will be. Contact the lender again if the information is not being reported.
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