In the wake of reports that neither Apple nor Apple Card partner Goldman Sachs were reporting payment information to credit bureaus, the information is now being sent. Credit bureaus use the information to determine a customer’s credit score.
While reporting payment information to credit bureaus is a common industry practice, there is no legal requirement to do so. However, Bloomberg‘s Mark Gurman on Twitter and financial publication MarketWatch both reported the lack of Apple Card reporting.
Interesting Apple Card tidbit: Apple isn’t reporting your balances, payment history yet to the credit bureaus. So if you are on time, no positive impact on your score. If you miss your payments, seemingly not as much of a consequence on your score. pic.twitter.com/Pnixxv4Jsn
— Mark Gurman (@markgurman) October 11, 2019
An unidentified source inside Apple told AppleInsider that that Gurman’s account is “not accurate” and the credit reporting functionality is done. “Reporting on some customers is happening now, and everything will be reported” when the system is fully deployed, said the publication’s source.
Apple Card launched to the public in the United States in August, following an invitation-only testing period during the summer.