Can I report a loan to the three credit bureaus myself?

[Virgile]

I’m trying to fix my credit report after a few years of financial misbehaving. My score is very bad, around 550. Anyway, I read some stuff and got the idea that the best way to re-build my credit is to apply for both a secured credit card AND a secured loan.

I did both, kept my payments and waited a few months to see what happens. I then pulled my credit reports, and saw that the secured credit card is there, but the loan doesn’t show up.

I called them and they told me that they do not report to any reporting agency. This sucks! I only took the loan for it to go on my credit report!

So what do I do? Can I report it myself to the three credit bureaus?

Thank you.

[Wade]

Nope

You can’t report to them yourself. Or should I say – you can report and maybe even get a notation at the bottom, but really – it’s useless. It won’t do anything to raise your score.

Only registered lender can report to the three credit bureaus. If you could, everyone would have excellent credit scores…

This is why I tell everyone – BEFORE you take a secured loan or a secured credit card, check with them to find out if they report to all three major credit bureaus. It they don’t than it’s worthless in terms of building credit and increasing fico scores.

[Author]

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