Credit scores can be an important part of the lives of United States consumers. The credit score contains information about payment history on accounts, the number of inquires into the report and any public records against the consumer. Lenders use the credit reports of applicants to determine whether they qualify for a financial product. Many employers also check the credit of potential employees to determine whether to hire the person. Knowing what types of accounts can report to a credit bureau can help consumers keep accurate information on their reports.
Financial Companies
One common type of account listed on a consumer's credit report is reported by a financial company. Lenders report information about mortgage, auto, student and personal loans, as well as any information about credit card accounts. The information reported includes payment history, amount of credit on the account and terms of the loan. Financial institutions also may report whether an inquiry was made, such as an application for new credit. If a consumer defaults on a credit product or overdraws a checking account, the company can report negative information to the credit bureaus. Financial companies can include banks, credit card companies and credit unions.
Collection Agencies
If a consumer defaults on credit repayment obligations, a lender may send the account to an outside collection agency to attempt to collect. The collection agency can report information to a credit bureau. The agency reports the amount it attempts to collect and whether the debt has been paid. Collection agencies can report debts that have been purchased by the agency or debts they are collecting on behalf of the original creditor. An agency can report an inquiry if one was made to obtain updated information.
Courts
Consumers who default on debt repayment obligations to the point of having a lawsuit brought against them may have entries on their credit reports from the court system. The courts are responsible for reporting items that are a matter of public record, including lawsuits, judgments against the consumer, tax liens and foreclosures. Bankruptcy filings are considered a type of public record and are entered on a credit report by the court. Public records are considered negative information and typically lower a consumer's credit score.
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