Apple and Goldman Sachs aren’t reporting Apple Card information to credit bureaus

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If you’ve signed up for the Apple Card, your payment history isn’t reflected on your credit reports yet.

Apple AAPL, -0.14%   and Goldman Sachs GS, +0.56%   have yet to start reporting consumers’ payment information for the Apple Card to the major credit bureaus, a source close to Goldman Sachs confirmed to MarketWatch Monday. This means that the two companies have yet to send details on customers’ balances and on-time payments to Experian EXPN, -0.04%, Equifax EFX, -0.42%  and TransUnion TRU, -0.12%  — information that is used to calculate people’s credit scores.

The source attributed the lack of reporting to the Apple Card being a brand new product, but couldn’t say whether the companies were developing the functionality.

Apple referred a request for comment from MarketWatch to Goldman Sachs. Experian, Equifax and TransUnion did not immediately return requests for comment.

The Apple Card is the first credit card Goldman Sachs has ever offered. When it was unveiled, some observers suggested that card holders could encounter customer service difficulties given that Apple and Goldman Sachs were both new to the credit-card space.

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While credit-card companies are not technically obligated to report to the major credit bureaus, industry experts said the decision was rather unusual. “I’ve never heard of a mainstream credit card that doesn’t report to the credit bureaus,” said Ted Rossman, industry analyst at “I’ve heard of a few fringe instances of cards failing to report to the bureaus, like certain secured cards, but nothing nearly as widely known as the Apple Card.”

Apple and Goldman’s failure to send Apple Card data to the credit-reporting firms could be an issue for some people who signed up for the card.

When the card was announced, Apple played up the financial management features associated with it through the Wallet app to help people keep track of their spending habits. The companies also touted the speed of the sign-up process, saying that users would be approved in less than a minute and suggesting that people with thin or poor credit history would be able to obtain the card.

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Because of its relatively competitive rewards program, this made the card potentially popular with people looking to improve their credit score. But this new revelation could hamper them in achieving that goal.

“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, +0.49%, told MarketWatch. “If there’s a card that’s not reporting people’s credit history to the credit bureaus that would be troubling potentially.”

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 data retroactively.