When will credit reporting from Rent/Utilities/Cell Phone start?

[postie]

I heard something that all 3 credit report will soon start accepting history report from Rent(?), Utilities, Cell phone companies? (what else?) and when will they start reporting? How would these help us especially those who filed for BK? I never missed payments to any of above (Rent, electricity, gas, cell phone, etc...)

Thanks

[LadyInTheRed]

I tried to find what you are talking about. Experian and Transunion have apparently included rent payments since 2010, assuming your landlord or property manager uses the reporting service they use.

There were two identical bills introduced in the House in June 2013 and in the Senate in October 2013 that would allow reporting by utilities and cell phone companies, but not require it. They were both referred to committee and have had no action sinc

I don't find anything else to suggest any impending chage. But, if your positive rent and utility payments become part of your credit report, then I assume that would help your credit score. That seems to be the argument for including them. But, apparently, some say the overall benefit may not be to the consumer. I didn't read enough to learn why.

[newchance15]

Its gonna be a new type of fico score aimed to help those who pay cash for most things and dont really have a debt\credit score. Not sure if it would be listed directly on myfico.com yet

[LadyInTheRed]

I looked and can't find any information on that. FICO implented "FICO 9", last year, but as far as I can tell that had nothing to do with people living on cash. Do either of you have a source for this?

[LadyInTheRed]

Never mind, I found it with a better search method. I haven't read enough to figure out when the new method will be used. More reading to do....

[LadyInTheRed]

Here's a link to FICO's news release. http://www.fico.com/en/newsroom/fico...ans-04-02-2015

It is currently a pilot program available to 12 of the largest credit card issuers. It will be made available to additional lenders later in the year.

It's not that the credit bureaus are accepting different information. The information is already being collected. FICO is now offering an alternative scoring model that uses that information to rate potential borrowers who don't have a credit history. It is not replacing the existing model.

When I was reading about the proposed legislation I mentioned above, I read a quote by an Equifax representative who said that Congress should stay out of the issue and let the industry deal with the problem of people having to use credit to get a credit score that allows them to get credit. Maybe FICOs alternate model is an attempt to address the issue without Congress getting involved.

[postie]

Thank you, LITR :-) Off to reading the link...