Credit reporting on Apple Card holders rolling out now

AppleInsider said:

Despite reports that neither Apple nor Apple Card issuer Goldman Sachs were reporting the usual payment details to credit bureaus, the information is now beginning to be sent.

While there is no legal requirement for them to do so, it had been claimed by Bloomberg's Mark Gurman on Twitter and financial publication MarketWatch, that the firms were ignore common industry practice by failing to provide the data.

A source within Apple corporate who is not authorized to speak on behalf of the company told AppleInsider 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, added our source.

That's not exactly what Gurman claimed. What he did say seems to have been generally accurate as far as I can tell, tho that missed payment from September will eventually get reported and ding your credit score. Gurman either didn't catch that or didn't word his tweet properly.   The boxed quote I assume was from GS sometime on or prior to the 10th of this month, tho it could have come from Apple. 

"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."

I’ve wondered about Apple’s decision to not charge late payment fees. That seemed like an invitation to abuse the card, especially if the credit information was not being sent to the credit bureaus.

There’s also a thread on the Apple Discussion Forums where users are upset that the Apple Card cannot sync with financial software like Quicken and Mint. Currently the Apple Card is the only card that I have to manually enter transactions into Quicken.

Leave it to Mark Gurman to push a negative narrative about anything Apple whenever possible. 

lkrupp said:

I’ve wondered about Apple’s decision to not charge late payment fees. That seemed like an invitation to abuse the card...

Seems like a nice feature to not ding a user beyond paying more interest on a higher balance and (eventually it looks like) getting dinged by the credit bureaus.  Why do you consider it an 'abuse' for someone to not make a monthly payment?  It's not like they're getting out of paying what they owe.

Just agreeing on Gurman.  When he shows up on BloombergTV, I change the channel.  The Party Line on BBGTV is anti-Apple, anyway...but, sensible geeks are often allowed on air.  Though, it's next-to-useless info watching staff like Gurman scurry around for reasons "why people seem to be buying new iPhones" other than performance and features.