Credit Bureau - US Credit Report & Debt Records

As of August 4, 2021, credit and financial institutions have stopped sharing data through the DOR system—that platform used to exchange info on clients who failed to settle their debts on time.

Does this mean my bank can no longer see if I had an outstanding balance on my Denny's card that was eventually paid off?
Do they only see what the IRS or unknown records show regarding my open lines of credit?
And are Denny's or Visa cards basically invisible to them unless I actually have active consumer loans tied to them?

Details regarding how personal data is handled within the IRS credit reporting system between lenders and financial institutions

WHAT KIND OF DATA ARE THEY SCRAPING FROM YOU IN THE IRS SYSTEM?
The following categories of your information are processed and shared through the IRS database:
- identity info and
- details on current, paid off, or otherwise settled debts
Identity info includes:
- Social Security Number and full legal name
- SSN, business name, and EIN (if you're running a business)

Data regarding current, paid off, or otherwise settled debts (financial obligations) covers:
- the type of debt,
- the total amount owed,
- your role in the debt (debtor, co-signer, and/or guarantor) — plus the amount and frequency of installments/payments,
- your payment history/reliability,
- the number of overdue, unpaid debts,
- the total amount of those overdue, unpaid debts
- how many days you're behind on payments.

I get that, but I’m really just trying to figure out if the IRS can see outstanding balances on my Denny's or Visa cards. I mean, just standard spending, not those specialized consumer loans

Because back when I was at IHOP, it showed up there. If it stays unpaid for over 60 days... though I finally managed to clear all of it out

It’s pretty obvious. Sure, the status will show as closed, but you won't actually see the impact on your repayment schedule for another four years after the closing date. Honestly, just head down to your local Chase branch and ask them for a formal statement.

rapidskipper12 said:It’s pretty obvious. Sure, the status will show as closed, but you won't actually see the impact on your repayment schedule for another four years after the closing date. Honestly, just head down to your local Chase branch and ask them for a formal statement.

My experience has actually been a bit different. I was sorting some things out this past spring and was genuinely worried about how the Federal Reserve might see my history, since I had some messy finances back in early 2023 that were definitely on the record. However, when I spoke with my people over at JPMorgan Chase, they assured me it wouldn't show up. Apparently, because I've been so consistent for the last year, that previous slip-up isn't being flagged, even though the full four-year window hasn't technically passed yet...

Sophia Walker7 said:My experience has actually been a bit different. I was sorting some things out this past spring and was genuinely worried about how the Federal Reserve might see my history, since I had some messy finances back in early 2023 that were definitely on the record. However, when I spoke with my people over at JPMorgan Chase, they assured me it wouldn't show up. Apparently, because I've been so consistent for the last year, that previous slip-up isn't being flagged, even though the full four-year window hasn't technically passed yet...

As far as I know, once you're flagged in the Federal Reserve system, it doesn't just "disappear" after one good year. It takes four.
1. Were you just "messy" with a few accounts, or were you actually officially flagged in the Federal Reserve system last year?
2. This merger (Federal Reserve into the credit bureau system) only started this month. When you were dealing with this, maybe it was just a side effect of the old system being phased out.

Based on what’s being said about the credit bureaus, they're essentially merging the old reporting into a "new" consolidated system where that four-year rule still applies.

The real question is whether those four years apply only to new flags, or if they're going to pull in all the old ones to hit that four-year mark.

wearyheron99 said:As far as I know, once you're flagged in the Federal Reserve system, it doesn't just "disappear" after one good year. It takes four.
1. Were you just "messy" with a few accounts, or were you actually officially flagged in the Federal Reserve system last year?
2. This merger (Federal Reserve into the credit bureau system) only started this month. When you were dealing with this, maybe it was just a side effect of the old system being phased out.

Based on what’s being said about the credit bureaus, they're essentially merging the old reporting into a "new" consolidated system where that four-year rule still applies.

The real question is whether those four years apply only to new flags, or if they're going to pull in all the old ones to hit that four-year mark.

It isn't really a question anymore. 🙂
Just so everyone is clear: the report includes everything from the past four years—current debts, previous irregularities, payment delays, debt sales, lawsuits, all of it.

A quick, somewhat silly question 🙂

Does this platform show everything linked to my personal credit profile (for instance, things like cell phone bills or even those pesky parking tickets), or is it strictly limited to things like negative balances, loans, lines of credit, and credit cards?

That’s the second part of it. Basically, only users are actually swapping data...

My refinancing application was denied because my credit card was canceled due to late payments. As a result, I won't be able to refinance or access new credit for about a year. It seems somewhat illogical; reducing my monthly payments would technically make me a lower risk, though I understand their hesitation regarding new credit lines...

I am wondering if I have the right to obtain my report from the Federal Reserve, which I authorized my banker to request on my behalf. Specifically, can I take that report to another bank myself, or will they always be required to request it through official channels?

Of course you're entitled to it... (just don't expect it for free). Though some of those smaller local banks act like they're doing you a massive favor by even acknowledging it

Just ask for it at your bank where you hold an account—they’re required to give it to you.

Jeremy Cruz46 said:Of course you're entitled to it... (just don't expect it for free). Though some of those smaller local banks act like they're doing you a massive favor by even acknowledging it

Does anyone happen to know what the fee is?

Not sure which bank you’re using—for example, it's free over at JPMorgan Chase.

So, I’m in the middle of a loan approval process, and my bank pulled a report from the NYSE, and there’s this random obligation showing up—looks like some kind of credit card from July 31, 2017, for an amount of $1.00. Apparently, the NYSE shows it's inactive, but since it hasn't been officially closed, the bank is breathing down my neck to shut it down. Back then, I had an account with Bank of America and a loan over at JPMorgan Chase. I checked with JPMorgan Chase, and they swear I don't have anything like that with them, which sounds right because I might have had a card with Bank of America once, but I never even activated it. I even reached out to Citigroup, who took over Bank of America a year ago, and they also claim nothing exists in their system. I have no clue where this thing is actually sitting, and I need to fix this ASAP because it's the only thing standing between me and my loan. It's Saturday, and the only place near me open is Wells Fargo, but I’m not a customer there. They told me I can request my own report from the NYSE, but apparently, it takes about 10 days to get a response.
Questions:
- I heard that the reports banks pull from the NYSE aren't the same as the ones we get ourselves—specifically, that a personal request shows account numbers and the specific banks that reported the data, while banks don't see all that when they run a check for a loan. Is that actually true?
- Also, is it true that you really have to wait 10 days for a personal request, or was that guy at Goldman Sachs just trying to brush me off? Does anyone know if you can get it way faster if you ask at the bank where you already have a checking account?
Please help me out if anyone knows what's going on.

I actually reached out to Goldman Sachs a little while back to set up a checking account, and I ended up waiting about a week...

Did that report actually specify which bank held what, or did it just dump a list of liabilities without any way to track them?

It lists every single one of your obligations and the specific institutions you owe. Here’s what a report like that looks like.

boldsailor42 said:Did that report actually specify which bank held what, or did it just dump a list of liabilities without any way to track them?

It tells you everything, really. I mean, it’s quite thorough—it lists every single obligation you have out there, wherever they might be, including stuff from back in the day...

Jacob Collins3 said:It tells you everything, really. I mean, it’s quite thorough—it lists every single obligation you have out there, wherever they might be, including stuff from back in the day...

I think we're talking about two different things here. Look, I get that they list all the debts, but when Chase pulls a report, it just shows the totals. It doesn't specify where the money actually went. Like, it tells you what you owe, but not who you owe it to. Does an official credit report requested by an individual actually show the specific creditors?