I pay bills that are in good standing such as insurance and my phone bill that are not reported to the credit bureaus. I heard from a speaker that there is a way to report these to the credit bureaus as positives on my credit. How do I go about doing that?
Generally speaking, these types of accounts do not report on credit reports that are generated by the three major bureaus (Experian, TransUnion, Equifax). When they do appear on a credit report it is typically because the account has gone into a delinquent standing and has been moved to a collection agency. I am not familiar with any method which can have your insurance and phone bill appear on your credit report.
A credit rating is simply someone’s assessment of how well you would be able to repay money lent to you. Usually, that “someone” is a credit reporting agency; however, creditors themselves will also make their own assessment, which is usually based on the score you receive from the credit reporting agencies and is determined by requirements that vary a great deal from one creditor to the next. Paying for insurance or for phone service is not the type of transaction where you are borrowing money and then repaying the debt. Instead you are paying for a service.
You cannot establish a good credit history simply by paying your rent, insurance, phone bill, and utility bills on time. In order to build a positive credit history, and thus establish and maintain a good credit score, you must open, use, and timely pay credit accounts that regularly report to the three major credit bureaus (Equifax, Experian, and TransUnion).
To learn more about credit, credit reports and credit scores, I encourage you to visit the Bills.com Credit Resources page.
I hope this information helps you Find. Learn & Save.