Private Mortgage Reporting

[Anonymous]

I have a private mortgage through a family member and would like the payments to be reported to the credit bureaus and for my Fico Score.  Is there a way to do this (submit checks, etc..)?

[Anonymous]

No way possible that I know of. Good luck with that....and Welcome..

[Anonymous]

It is possible, but unlikely to happen. An individual can sign up with the CRAs and report, but they open themselves up to a fair bit of liability and compliance under the FCRA. However, I suspect they'd have to have a small business in order to sign up. Here's TU's info.

http://www.transunion.com/corporate/business/dataReporting.page

[demi]

I have heard ads for a system set up for that....its something like "circle lending" -- try doing a google search.  They advertise on the radio (San Fran station, don't know if its just local) to set up loans between friends and family members.  I am sure somewhere along the way they make something out of it.  They don't specifically say they report credit, but it would be worth checking into.

[Anonymous]

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demi wrote:

I have heard ads for a system set up for that....its something like "circle lending"

...

They don't specifically say they report credit, but it would be worth checking into.

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circlelending.com has been bought up by billionaire Richard Branson and re-branded as Virgin Money.

http://www.virginmoneyus.com/

It does appear they report to TU and EX and are working to report to "additional major credit reporting agencies".

http://www.virginmoneyus.com/HowItWorks/TipsTools/tabid/175/Default.aspx#GE_TT_H2_5

It's got me interested enough to do a lot more reading about it.