Reporting my mortgage promissory note to Credit Reporting Agencies

[alrajhi]

My son purchased a house from me with a promissory note.  He and his wife are paying each month on time.  This assest and payments would help to increase their credit score.  How do we go about reporting this?  I looked on the web site for Transunion and cannot see any option.  Thanks, Liza

[RobertEG]

In order to report to a CRA, you must have a reporting agreement with them.

They have criteria for establishing an agreement.  I am unsure of all of the requirements, but I beleive one must at least show the means to report using their Metro 2 reportiing format, for it is set forth in their reporting manuals as the standard.

I would call or write the CRA regarding reporting criteria.

[llecs]

I had looked this up a couple of years ago after we had similar questions by others and I was geniunely curious. If I remember right, the costs ran into the thousands in the first year to subscribe and report to each of the three credit reporting agencies. A fee had to continually be paid to each to keep the reporting going.

On a FICO standpoint, a long-term reporting mortgage certainly won't hurt any, but your son can easily hit into the 800s without it. IMO, the easier method might be to refinance with a lender, though that would be foregone interest on your behalf.