I am often asked by my clients how to add accounts to their credit reports. In fact, your credit file may not reflect all your credit accounts. Although most national department stores and all-purpose bank credit card accounts are included in your file, not all creditors supply information to credit reporting companies. For example, some retailers, credit unions, travel, entertainment, and gasoline card companies are among the creditors that don’t furnish consumer credit data to the big three national consumer reporting agencies, like Equifax, Experian or Trans Union.
If you’ve been told that you were denied credit because of an “insufficient credit file” or “no credit file” and you have accounts with creditors that don’t appear in your credit file, ask the credit reporting companies to add this information to future reports.
Although they are not required to do so, many credit reporting companies will add verifiable accounts for a fee. However, understand that if these creditors do not report to the credit reporting company on a regular basis, the added items will not be updated in your file.
When negative information in your report is accurate, only the passage of time can assure its removal. A credit reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. Information about an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. There is no time limit on reporting: information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance. There is a standard method for calculating the seven-year reporting period. Generally, the period runs from the date that the event took place.
If you need help with your credit report, then contact consumer credit attorney Micah Adkins.