Things That Just Piss Me Off

Ok, now this is just wrong and it pisses me off. All of the credit bureaus will accept any negative reports on your credit. Even if it is just one report. Yet, they will not accept positive reports to your credit unless the reporting agency or company submits the reports in large batches.

Experian only accepts batches of over 500 reports, while Equifax (ticker: EFX) and TransUnion accept batches of over 100.

“It will take us several years to reach that number of borrowers, and it seems unfair to those who have repaid fully and on time not to report, so we are baffled,” said Ms. Jacobs.

Yanki Tshering, the director of the Business Center for New Americans, echoes Ms. Jacobs’s sentiments. The Business Center for New Americans is a department of the New York Association for New Americans (NYANA) and provides financial education and assistance to refugees and émigrés.

“A few years ago, we worked with Equifax,” Ms. Tshering told SocialFunds.com. “‘If you don’t have 100 accounts, you cannot report electronically,’ they said. ‘You have to do it manually.’”

“When we submitted data on our borrowers manually, we noticed that the credit bureau accepted the negative data. But since we didn’t have 100 accounts to report on, they returned the rest of the forms with a small note saying, ‘We only accept negative data,’” said Ms. Tshering.

So, let’s say you have always paid your rent on time. Your landlord cannot add a postive credit report to your account. But if you fail to pay your rent on time, your landlord can report that.

It’s the same with smaller lending companies. They have to wait a long time to have more than 100 reports to submit. In the meantime, all those who paid their loans on time do not get the positive addition to their credit score.

Totally unfair system.