Close Menu
InfoQuest Network
  • News
  • World
    • United States
    • Canada
    • Europe
    • Asia
    • Latin America
    • Australia
    • Africa
  • Politics
  • Business
    • Personal Finance
    • Finance
    • Markets
    • Startup
    • Investing
    • Innovation
    • Billionaires
    • Crypto
  • Tech
  • Lifestyle
  • Sports
  • Travel
  • More
    • Science
    • Entertainment
    • Health & Wellness
    • Immigration
Trending

Brisbane Hotel Workers Strike in Protest of Zionist Event

June 1, 2025

Planning Your Finances for a Mortgage in Retirement: Key Strategies to Consider

June 1, 2025

Walz Encourages Democrats to Be Tougher on Trump: “It’s Going to Be a Rough Few Years”

June 1, 2025
Facebook X (Twitter) Instagram
Smiley face Weather     Live Markets
  • Newsletter
  • Advertise
Facebook X (Twitter) Instagram YouTube
InfoQuest Network
  • News
  • World
    • United States
    • Canada
    • Europe
    • Asia
    • Latin America
    • Australia
    • Africa
  • Politics
  • Business
    • Personal Finance
    • Finance
    • Markets
    • Startup
    • Investing
    • Innovation
    • Billionaires
    • Crypto
  • Tech
  • Lifestyle
  • Sports
  • Travel
  • More
    • Science
    • Entertainment
    • Health & Wellness
    • Immigration
InfoQuest Network
  • News
  • World
  • Politics
  • Business
  • Finance
  • Entertainment
  • Health & Wellness
  • Lifestyle
  • Technology
  • Travel
  • Sports
  • Personal Finance
  • Billionaires
  • Crypto
  • Innovation
  • Investing
  • Markets
  • Startup
  • Immigration
  • Science
Home»Business»Finance»Experian, TransUnion, and Equifax Disable TomoCredit’s Reporting Access
Finance

Experian, TransUnion, and Equifax Disable TomoCredit’s Reporting Access

News RoomBy News RoomNovember 5, 20241 ViewsNo Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email Reddit Telegram WhatsApp

Experian, TransUnion, and Equifax have all terminated their data partnerships with TomoCredit, a San Francisco startup that promised to help boost consumers’ credit scores by opening lines of credit and reporting rent and utility payments to the credit bureaus. Consumers have complained about difficulties canceling subscriptions and have noted that Tomo’s credit lines do not appear on their credit histories. Despite claims on Tomo’s website that it reports to the three major bureaus, there is now clear evidence that they are not accepting its information.

Tomo founder Kristy Kim has dismissed the reports, stating that they are inaccurate, but has not provided further explanation or granted an interview. The startup, valued at $222 million and backed by investors like Morgan Stanley and Mastercard, aims to assist good borrowers with limited credit history in accessing credit and building their financial profiles. However, the recent developments raise questions about the credibility of the company and its ability to deliver on its promises.

The actions taken by Experian, TransUnion, and Equifax are significant as they play a crucial role in determining Americans’ creditworthiness. Without data from these bureaus, individuals may struggle to access credit cards, loans, or mortgages. The reports from the bureaus now show minimal records of Tomo’s credit lines, with some information that was previously accepted now being purged from consumers’ credit histories. This could indicate issues with the quality, compliance, or security of the data being provided by Tomo.

Kangen Water

While the bureaus typically do not comment on individual data furnishers, an Equifax spokesperson confirmed that TomoCredit has been deactivated from their system. Experian and TransUnion have not provided specific details regarding their relationships with Tomo but emphasize the importance of accuracy and adherence to data standards in credit reporting. Consumers have expressed concerns about the lack of visibility of Tomo’s credit lines in their credit histories, raising doubts about the effectiveness of the service in helping build credit scores.

Financial services attorneys suggest that the termination of partnerships or purging of historical data by credit bureaus can be influenced by various factors, including high dispute rates, failure to respond to inaccuracies, or potential misuse of data. The Consumer Financial Protection Bureau’s examination of credit bureaus highlights deficiencies in the compliance of data furnishers with regulations, indicating the regulatory pressure on bureaus to ensure the accuracy of credit reporting. While it remains unclear why the bureaus ended their partnerships with Tomo, the situation underscores the importance of transparency and accountability in the credit industry.

As the story continues to unfold, industry experts and regulators will likely scrutinize the events surrounding TomoCredit and its impact on consumers’ credit profiles. The actions taken by the major credit bureaus signal a potential setback for the startup and highlight the challenges of navigating the complex landscape of credit reporting and financial services. With the credibility of TomoCredit called into question, consumers are advised to exercise caution when engaging with credit-building services and to carefully monitor their credit histories for any discrepancies or missing information.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Reddit Telegram WhatsApp

Related News

Fraudsters Allegedly Stole Millions From IRS Using Tax Pro Hotline, Watchdog Reports

November 5, 2024

Former Baidu AI Scientist Turns Billionaire as Shares of His Self-Driving Tech Startup Surge 16%

November 5, 2024

Tax Measures Are Up for Vote in Multiple States—Here’s the Information You Should Have

November 5, 2024

3G Capital, Masterminds Behind a $20 Billion Burger King Profit, Scores Another Big Win

November 4, 2024

Join the Forbes Fintech 50: Submit Your Application for the 2025 List

October 25, 2024

Explanation of Trump’s Stance on Social Security and Medicare

October 25, 2024
Add A Comment
Leave A Reply Cancel Reply

Top News

Planning Your Finances for a Mortgage in Retirement: Key Strategies to Consider

June 1, 2025

Walz Encourages Democrats to Be Tougher on Trump: “It’s Going to Be a Rough Few Years”

June 1, 2025

Trans Athlete AB Hernandez Clinches Girls’ Track and Field State Championship in California, Challenge to Trump’s Stance

June 1, 2025

Subscribe to Updates

Get the latest news and updates directly to your inbox.

Advertisement
Kangen Water
InfoQuest Network
Facebook X (Twitter) Instagram YouTube
  • Home
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 Info Quest Network. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.