Absolutely not. The credit reporting system in this country is voluntary. That means lenders and other financial services companies can choose whether or not they want to report information to the credit reporting agencies. If they choose to, they can decide which of the three credit reporting agencies they want to report that information to.
Lenders can chose to report that information to any or all three of the credit reporting agencies. However, once they do report that information, they become liable for that information’s validity, which is why some small lenders, such as credit unions, do no report to all three of the credit reporting agencies. There are also costs involved in reporting information.
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