Apple and Goldman’s failure to send Apple Card data to the credit-reporting firms could be an issue for people looking to build up their credit.
If you’ve signed up for the Apple Card, your payment history won’t be reflected on your credit reports.
The source attributed the lack of reporting to the Apple Card being a brand new product. Apple referred a request for comment from MarketWatch to Goldman Sachs. Experian, Equifax and TransUnion did not immediately return requests for comment. Details regarding the lack of reporting to credit bureaus were first revealed by Bloomberg reporter Mark Gurman on Twitter. In a screenshot he posted, a source at one of the two companies appeared to imply that once Apple and Goldman Sachs develop the functionality, the two companies will report consumers’ payment data retroactively.While credit-card companies are not technically obligated to report to the major credit bureaus, industry experts said the decision was rather unusual.
“I suspect they wanted to launch Apple Card by late summer because that’s what they promised back in March,” he said. “I’m thinking they probably felt they couldn’t wait anymore, so they launched when they felt it was good enough, and then they’ll improve further over time.” “With any retail card, a lot of folks who get those cards want to either get started with credit or rebuild their crummy credit,” Matt Schulz, chief industry analyst at CompareCards TREE, +1.22%, told MarketWatch. “If there’s a card that’s not reporting people’s credit history to the credit bureaus that would be troubling.”
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