If you get financed for a car, is there a law that makes the finance company report your account to the credit bureaus?

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If you get financed for a car, is there a law that makes the finance company report your account to the credit bureaus?

They advertise saying,

Asked on October 15, 2019 under Business Law, Utah

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

No, unfortunately, there is no law requireing them to do report your account to credit agencies. It is voluntary for sellers, lenders, etc. to report account activity, whether good or bad, to the credit rating agencies. Many will report, of course, but they are not required to do so.


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