Apple Card Accounts Begin Appearing on Credit Reports

Home » Money Management » Personal Finance » Apple Card Accounts Begin Appearing on Credit Reports

Apple Card Accounts Begin Appearing on Credit Reports

When Apple initially announced that it would be launching a credit card, it stated that the product would be unlike anything seen before. Indeed the Apple Card does have a number of unique features, from it’s easy mobile-only application to its implementation of “Daily Cash.” However some aspects of what makes the card special have also caused frustration among some users, such as the inability to link the card to third-party tools like Mint nor add an authorized user. In that vein, one weird quirk of the Apple Card is that the accounts weren’t showing on users’ credit reports — well, until now.

As MacRumors reports, Apple Card accounts have begun popping up on the credit reports of cardholders. Additionally Goldman Sachs — the bank Apple partnered with for the card — confirmed the rollout on Twitter, saying, “We have been working with TransUnion to begin reporting your Apple Card information. Within the next 5 days, you will see the full details on your credit report.” Notably, as Goldman notes, accounts are currently only being reported to TransUnion and not other major credit bureaus such as Equifax and Experian.

It’s worth remembering that Apple Card is not only the first credit card for Apple but also marks Goldman Sachs’s debut in the space. That might partially explain why it’s taken this long for the bank to begin reporting to account information to the bureaus. Of course, while the card has been touted as “the most successful credit-card launch ever” by Goldman Sachs CEO David Solomon, the bank has also faced its fair share of headaches from the product, including accusations that the algorithm used to determine approvals and credit limits was sexist. Goldman says it’s investigating those claims.

In terms of how this development will affect cardholders, it likely depends on a few factors. For one, if Apple Card users are late or delinquent with their payments, adding this information to their credit report will undoubtedly hurt their scores. That said, those with positive payment history might benefit from having that information reported. Moreover those with a sizeable credit limit on their card and low utilization (meaning their balance is less than 30% of their total available credit) may also see increases. Incidentally, since Goldman is reporting to TransUnion, those curious about the impacts this move will have on their credit can visit sites such as Credit Karma or WalletHub, which provide free credit scores using the TransUnion data and the VantageScore 3.0 model.

With all things considered, Apple Card accounts finally being reported to credit bureaus seems like a net positive. If nothing else, it could suggest that Goldman Sachs and Apple will work on clever solutions to some of the functionality problems that have plagued certain cardholders. In the meantime hopefully this news will score some credit score boosts for those using their Apple Cards responsibly.

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

LendingTree Study Shows How Much a "Fair" Credit Score Can Cost

As confusing as credit scores can be for some people, one thing is fairly clear: a higher score means paying less for financing. But how much less? A recent study by LendingTree compiled the data to find out how much those with "very good" credit save in interest compared to...

Delta Announces Major Profit-Sharing Bonuses for Employees

As the United States economy has continued to expand and executive compensation has expanded with it, income inequality has become a more high-profile topic. While that's partially because of the latest election cycle and the controversial 2017 tax bill, grassroots minimum wage hike efforts and the like have also played...

Chainalysis Suggests $2.8 Billion in Bitcoin Was Laundered Last Year

For as much mainstream success and acceptance as Bitcoin and other cryptocurrencies have enjoyed in recent years, there are still those who remain skeptical of digital currency. In addition to those who criticize crypto for not having any "real value," regulators have repeatedly pointed to the ability to "launder" funds...