Does a private party used car lot have to report your payments to the credit bureau?
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Does a private party used car lot have to report your payments to the credit bureau?
Asked on April 11, 2012 under General Practice, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
No, there is no law obligating creditors, whether "private parties" or large, publically traded companies, to notify credit rating bureaus of your payments or defaults. A creditor may refrain from notifying the bureaus or agencies about your transactions, but if it has notified them, but it needs to provide complete and accurate information--it may not report partially, incomplete, or innaccurate information about your credit. So it can refrain from reporting entirely, but once it does report, must do so correctly.
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