According to the latest edition (released last month) of CardTrak's Secured Card Report, covering 86 secured programs, at least 38 programs do not currently flag secured cards while 13 programs have firm polices to report such cards as secured. Other programs either do not report or have no set policy. For example Citibank only reports a secured card to credit bureaus after the card has converted to an unsecured card, a process that takes eighteen months.
Secured issuers flagging accounts include: Associates National Bank, Bank of Hoven, Farrington Bank, First Deposit, First Natl of Brookings, First National Bank of Ohio, Fort Knox National Bank, Columbus Bank & Trust, People's Bank, Surety Bank, Union Planters National Bank and Wells Fargo Bank.
Equally important is which credit bureaus the information is reported. Ideally your account information should be reported to all three major bureaus: TRW, Trans Union and EquiFax.
Full details are included in the latest secured card report. ($10 from CardTrak.)
