Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
50chev

0 Contributions
0 People Helped
owner financing reporting
I have paid on time for 3 yrs. I would like to find out if he can report my payment history to help my credit. Thanks.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
82 Contributions
301 People Helped

It is possible, but...

Interestingly, it is much easier to push negative information onto your credit report than positive.  If you default on your private loan, the lender can sue you in court and the judgement will be dinging your credit in no time.  However, if you're true to your commitment, it will be difficult to get the "credit" for it.
.

Mortgage payments and the related history only appear on your credit if the loan is serviced by a lender who reports to the credit reporting agencies. There are very strict processes for reporting and financial costs are involved, which make it unrealistic for an individual lender to report.  

.

There companies that provide this service to individual lenders by collecting the taxes, insurance, issuing 1098 statements and reporting to credit reporting agencies. One I am aware of is called CircleLending.  Be aware that these services don't come free and can cost $40-$50 on an annual basis over the course of the loan.  If you have a 30 year loan, this could cost you $1500.

4 Contributions
6 People Helped

Now HE can :) Kinda...

There is a new company called renatl kharma. google it and it will pop up at the very top. All you need to do register, which takes couple minutes, and you put in your landlords information. You asked for owner finance, i know, but at the moment it can only be reported as rent. The good thing about it is they do ot require you show any proof ofpayment, basically by the word of your landlord, and the best thing about it is it can be reported as far back as 4 years. So you are good with the 3 year time period. The total cost i assume would not be more than $200 or so. Which is very reasonable for an instant 3 year payment history on your credit report. And after the initial report, it is only $9.95 a month to keep reporting the payments. I believe this can only be reported to TU at the moment but it is better than nothing. I hope thi helps.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.