Verizon Communications Inc. is a telecommunications company that has been in operation since 1983. It provides quality products such as cables, phones, and landlines to Americans and the world. When people use telecommunications services, they expect their credit status to be reported to the credit bureaus. ..
The telecommunications company is in a good financial position, thanks to its debt-free status. ..
Verizon Communications Inc. reports to credit bureaus but their reports are only about accounts that have negative relationships with the company. Verizon’s operations are governed by some laws which does not permit them to share activities going on in an active credit account. The only time Verizon might report account activity to credit bureaus is when a person is so late on a payment to the point that they have to block the account. Hence, Verizon only reports to credit bureaus about blocked or written-off accounts and not about active accounts but if Verizon must report an active account, it’ll have to be sent to collections. This is why Verizon does not do anything when a customer requests that their accounts be reported to credit bureaus when they’ve adhered to payments for a good credit score.
The problem with Verizon’s policy is that it does not work. Customers who try to use their cell phone payments to improve their credit score will have little or no impact. In fact, the only way to improve your credit score is to pay your bills on time and keep your account clean.
How To Go About Credit Reporting?
Since Verizon does not report credit activity to credit bureaus, customers will have to explore other ways for credit reporting and credit score.
-Get a credit card from your bank that reports to all three major bureaus. -Find ways to get higher credit limits. -Ensure to deal with collections accounts like that if Verizon. -Get credit for rent and utility payments, when you pay on time, it’ll be reported. -Get another credit account to mix inform of a new credit card or credit-builder loan. -When you notice errors in your credit or an unrecorded payment ensures you dispute it immediately. -Try to pay all bills on due or at least, within the 30days grace period. You can source for family or close friends who have a high credit limit and ask them to add you as an authorized user. When given your credit utilization, ensure you use a low percentage to skyrocket your credit score
How To Get Yourself Out Of Collections?
Getting out of collections can be difficult, but it is possible. The first step is to clear your debt and then write to the company requesting deletion of your account in collections. This might take time, so if you have some money left, it is advisable to hire an attorney. If you face creditors head-on, be prepared for a long battle, but don’t just sit there - face them and dispute the debt. ..
Conclusion
Verizon is reporting to credit bureaus not about accounts that are still active but about accounts that have been blocked due to late repayment of a loan. This means that Verizon cannot help you build your credit score. You’ll need to explore other strategies mentioned above if you want to build your credit and when Verizon reports inactive accounts, they report to all three major bureaus which can damage your credit reputation and make it difficult for you to build your credit. ..
Building your credit is important for a few reasons. First, it can help you get loans when you need them. Second, having good credit will make it easier to get approved for other types of loans, like mortgages or car loans. And finally, having good credit will make it more likely that you’ll be able to keep up with your payments and avoid getting into debt in the first place. ..
There is no one-size-fits-all answer to this question, as the best way to build your credit score will vary depending on your individual credit history and credit score. However, some tips on how to improve your credit score include paying your bills on time, maintaining a good credit history, and using a credit monitoring service.
There are two easy ways to build your credit one of them is through credit utilization and the other is through a secured credit card from your bank.
Credit utilization means that you have a certain amount of credit but you’re not using all of it. You should use at least 30% of it and see the benefits in your credit score.
Are other telecommunications companies reporting only inactive accounts? ..
The study found that telecommunications companies are not able to help consumers build their credit because they only report inactive accounts as a result of debt. ..
