Some of the most important monthly bills, such as utility payments and rent, never appear on a consumer credit report. Credit reports only display information that reflects your ability to manage a loan or credit. Even if all of your bills do not appear on your credit reports from the three major bureaus -- EquiFax, TransUnion and Experian -- they can still factor into your financial profile.
Identification
The credit score used by most lenders only includes installment loans such as an auto loan and student loan and revolving credit like a credit card. Other contracts that work like a loan, such as a car lease, are often reported as a loan. Rent, utilities and bank accounts do not appear on your credit report.
Considerations
Any bill can appear on your credit report if you refuse to pay and the company has to report it to collections. Some libraries, for example, report overdue books as a delinquent debt because you borrow the material. Successful payments on nontraditional accounts do not boost your FICO score.
Alternative Credit Reports
Some credit rating agencies, such as American Credo, specialize in reporting nontraditional payments that typically do not appear on your consumer credit report. ChexSystem also collects information about your banking history and is widely used to approve applications for a bank account. Most lenders, however, base lending decisions on the standard FICO score.
Tip
Some alternative credit reporting agencies, such as Payment Reporting Builds Credit, require you to send in proof of payment of your cellphone, rent and utility bills. This may come with a charge. Alternatively, you can use nontraditional payments to build your credit score by paying them with a credit card. If you cannot get a traditional credit card, consider a collateral-based card known as a secured credit card.
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