Why Does My Installment Loan Not Show Up on One Credit Report?

Three agencies, Experian, Equifax and TransUnion, control the credit records of 210 million Americans. But as many as 37 percent of these have some false information, according to Smart Money. The bureaus are separate companies, so they do not have all of the same information. An incomplete credit report could cost you points when you have an installment account in good standing, but not listed by one of the credit bureaus.

Identification

The credit rating agencies only report information when a lender sends it to them. Lenders do not necessarily report to all three agencies, because it costs money for the privilege of sharing data with the bureaus. Although most lenders report to the "big three," some creditors report to only one or no credit agencies.

A Mistake

It is possible that the lender simply forgot to update your account with one of the credit bureaus. You could most likely correct this error by calling the creditor and asking which agencies he reports to and then noting the missing information on one report. If the lender corrects the error, the information will not appear on your report immediately. It can take weeks for the credit agencies to update a report.

Time Frame

You might have to wait for the new data show on your report. Although having the most accurate and current data is critical for consumer credit reporting, updating the 210 million records usually only happens quarterly because of technical limitations. Credit scores, however, are fluid, and data can change on them at any time.

Tip

Consumers should ask their lenders if they report to all three credit bureaus before taking out loans, if they want to maximize the benefit to their scores. You are entitled to one free credit report from each agency annually, so you can spread your requests over the year to monitor your credit at no cost.