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Are lenders required to report late payments?
I have been trying to research this some but haven't found much. I did find one piece of information saying that they have no legal obligation to report them.
2 Answers
- xyzzyLv 72 months ago
First there is no central reporting point for late payments. There are the four major credit bureaus in the US ( Experian (formerly TRW Information Systems & Services and the CCN Group), Equifax, TransUnion, and Innovis . These organizations are for-profit businesses and possess no government affiliation. plus many smaller operations and a lender may report late payment to one or all of them, but there is no legal requirement to do so.
- Uncle PennybagsLv 72 months ago
They do not have to report them, but they do because they know it is in their best interests to do so.
And it is possible to get lenders to change what they reported. I had a 30+ day late mortgage payment once and I asked the lender to not report it because I had paid them for years on time, and they never reported it.
