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Established Member
creditmonkey
Posts: 21
Registered: ‎05-22-2008
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Can an individual report to credit bureau

I will have a loan of about $80,000 that my parents are lending me, we're setting up a legal loan document and all that, I was wondering would they be able to report that to the credit bureau, so I'll finally have something good show up on my report. Or are businesses only allowed to report.

 

I'm so frustrated that no one ever reports good payment history, but the second you're late on an account they report it to the bureau.


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Mega Contributor
RobertEG
Posts: 18,211
Registered: ‎03-19-2007
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Re: Can an individual report to credit bureau

[ Edited ]

To report to a CRA, the creditor must have a reporting agreement with the CRA. I am not sure what their reporting requirements are, but would speculate that they wouldnt enter into such a reporting agreement for an unincorporated individual who is reporting only one account with one consumer.

I suggest you contact a CRA and inquire about their reporting contract requirements.

Valued Contributor
IOBA
Posts: 2,697
Registered: ‎08-13-2009
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Re: Can an individual report to credit bureau

When you find out, please post and let us know!

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MarineVietVet
Posts: 14,562
Registered: ‎07-14-2009
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Re: Can an individual report to credit bureau

Even if a CRA would do this for an individual the cost of entering into such an agreement could be prohibitive but no harm in asking.

 

 

 

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larinoriani
Posts: 182
Registered: ‎10-23-2010
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Re: Can an individual report to credit bureau

[ Edited ]

creditmonkey wrote:

I will have a loan of about $80,000 that my parents are lending me, we're setting up a legal loan document and all that, I was wondering would they be able to report that to the credit bureau, so I'll finally have something good show up on my report. Or are businesses only allowed to report.

 

I'm so frustrated that no one ever reports good payment history, but the second you're late on an account they report it to the bureau.


I've never seen or heard that. But if it is possible, I guess there are fees involved. (CRA's are businesses after all), so you need to consider that and see if your parents would agree to pay that or you.

 

Go to the CRA's websites and do some research.

 

EDIT: Basically what the previous response said, I left my window's browser open last night before his response...


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beamMEup
Posts: 4,470
Registered: ‎12-31-2008
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Re: Can an individual report to credit bureau

[ Edited ]

creditmonkey wrote:

I will have a loan of about $80,000 that my parents are lending me, we're setting up a legal loan document and all that, I was wondering would they be able to report that to the credit bureau, so I'll finally have something good show up on my report. Or are businesses only allowed to report.

 

I'm so frustrated that no one ever reports good payment history, but the second you're late on an account they report it to the bureau.


Hi creditmonkey,

 

If that were true, I would be frustrated, too.


But all of my "no one"'s reports my good payment history.  Typically, they do not report the second you're late on an account - lates are not reported until they're 30 days late, which is a tad more than a second.  At least last time I checked.  :smileywink:  On the other hand, on their internal records - which are different - they are going to keep track of all lates.

 

Now, what steps are you taking to build (or rebuild) your credit history?

Do you currently have a bank/national CC revolving account?

That will do you far more good than an installment - no matter who you're borrowing the installment money from.

 

And it looks like you have some lates?  If you post what you currently have on your credit reports, folks can help you determine your best next steps.

 

I don't know whether your folks can report or not (and I believe, along with the cost, there may be significant issues with how this reporting is done - it's maybe more than  just sending in a letter).

 

If you haven't yet pulled a FICO score and report, pull one from here.  Either Equifax or TransUnion - they both are available.  Google "myFICO discount code" and order a report.  It'll tell you what to do to increase your FICO score and what's currently hurting your FICO score.

 

There's a whole lot you can be doing outside of whether your folks can report this loan.  Hope that's somewhat helpful to you!

 

ETA:  I see from your post here that you are working on ethically moving derogs on your CR's by working with the OC's and/or CA's - you're working hard to move in the right direction - kudos!  However, seeing that you already have a number of accounts on your reports, I do not see this installment as being much of a workhorse for FICO score improvement.  When DH, for example, added a mortgage, his FICO did not go up.  Or when he added a personal loan from the CU, it did not go up.  Keep working on cleaning up your report and building good positive history with the accounts you have.  If I might ask, are your folks borrowing you money to pay off some of the collections, etc. that are currently showing on your reports?

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Established Member
creditmonkey
Posts: 21
Registered: ‎05-22-2008
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Re: Can an individual report to credit bureau

[ Edited ]

The $80,000 is for a house, they're actually purchasing a forclosed house for me that I will be making the mortgage payments on and living in until my credit is good enough to get a mortgage in my own name and "purchase" the house from them.

 

I will soon have the money to pay off the ones that won't be falling off my report or shouldn't be on there to begin with, within this next year etc through a bonus at work, plus my fiancee and I are pretty much going to try to go barebones for awhile to put a good amount away both for the baby and credit. I recently applied for and was granted a secured CC through Cap1 with a $300 CL, I'm just waiting to get that in the mail. And I also have a "store card" with a CL of $500 that reports that I've had since 6/09. The problem is, the only place I can use it is about 1.5hr's away...so it's kinda hard to drive that far to purchase a $20 item to PIF that month lol. So right now I'm in the waiting process for the PFD's, GW's and DV's I've sent out and for my CC to get here.


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Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
0

Re: Can an individual report to credit bureau

Sounds like you are busy doing good stuff.  Kudos to you!

 

Your Cap One secured should serve you well in rebuilding.  Best wishes!

Just puttin' syrup on something, don't make it pancakes.
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OnTheRebound
Posts: 457
Registered: ‎08-05-2009
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Re: Can an individual report to credit bureau


creditmonkey wrote:

The $80,000 is for a house, they're actually purchasing a forclosed house for me that I will be making the mortgage payments on and living in until my credit is good enough to get a mortgage in my own name and "purchase" the house from them.

 

I will soon have the money to pay off the ones that won't be falling off my report or shouldn't be on there to begin with, within this next year etc through a bonus at work, plus my fiancee and I are pretty much going to try to go barebones for awhile to put a good amount away both for the baby and credit. I recently applied for and was granted a secured CC through Cap1 with a $300 CL, I'm just waiting to get that in the mail. And I also have a "store card" with a CL of $500 that reports that I've had since 6/09. The problem is, the only place I can use it is about 1.5hr's away...so it's kinda hard to drive that far to purchase a $20 item to PIF that month lol. So right now I'm in the waiting process for the PFD's, GW's and DV's I've sent out and for my CC to get here.


Sorry, i'm confused. But it's early morning and still on my first cup of coffee.

 

If your folks are purchasing the home for you and you will be making the mortgage payments, what is the $80K loan for?

 

Is it that your parents want the up front costs repaid ASAP?

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Established Member
creditmonkey
Posts: 21
Registered: ‎05-22-2008
0

Re: Can an individual report to credit bureau

Yes, they want repaid for the amount they're putting into it. The deal is pretty much going to be.

$80,000 (purchase price) + $4,500approx (the amount of money over $10,000 they are putting for a down payment), + any initial repair costs (the house needs a new window, and some shingles replaced)

 

Every month I will be responsible for the mortgage payment (and tax and insurance). So after I can get approved for a mortgage myself, the purchase price of the home will be the total amount above less any money that I've already put into the house.

 

I hope that makes since


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