not sure if i'm in the right place....

[Anonymous]

ok.. here's my situation and my question

i have VERY bad credit. (563 EX, 549 EQ and 563 TU) I wanted to buy a house, and of course, NO WAY was i getting approved. So the house that i am in the process of buying is a house my mom owns. we went to a lawyer, had the papers drawn up and i have a legal mortgage note. i guess what we did is considered owner financing? I make my payments directly to my mother, but the house is in my name already. i have the deed and everything.

now my question is this: do you know if she is able to report to EX, EQ, and TU monthly to say my payments are on time adn up to date and all that good stuff? i did a score estimator, and my score could jump 35 points with EX if i had a mortgage loan. So is she able to report on me? and iIF she IS, HOW? i've looked at all the credit agencies websites and can't find a place where she could apply to be able to do this. she is willing to do it to try to help me rebuild my credit, but believe me, with the way our relationship is sometimes, if i'm a day late, she won't have any problem reporting that i was late!!! (trust me, its been 6 months and i haven't been late yet)

thank you all in advance for any help you can give, even if its telling me i'm in the wrong place!

[llecs]

From time to time this question gets asked. I do recall researching this in detail after a similar question and, IIRC, your mom would have to pay a large fee to register with each CRA she's to report to and pay a monthly fee to report. Now it has been some time since I last looked it up, but the fees would run into the thousands and there were some requirements placed on the reporter too, but I can't remember what they were. In fact, I'll poke around sometime tomorrow to see if I can retrace my steps as a refresher at the least.

BTW, where did you get your scores from? As of last year it is impossible to pull your own EX FICO score from anywhere and there are no EX FICO score simulators out there anywhere. You may want to consider pulling your EQ and TU FICO scores just to see where you stood. Your FICO scores could be higher than what you posted.

[Anonymous]

thank u for your help. at that price i don't think my mortgage will be placed on my credit anytime soon! :-)

i got my scores from free credit report. i can't check my annual credit report until next may i think and funds are a little tight to check my scores through myfico. as soon as i get some money saved up i'll check them on here. ( i know, its sad that i can't afford to pay the $12 bucks for my score right now, but at least my bills are all paid. i can't wait till i can quit living paycheck to paycheck..

[Anonymous]

Although not impossible, it is very unlikley.  The cost to do so wouldbe outrageous for 1 account.  I have heard that there may be some reporting companies that will do this for you for a charge in the future (or maybe already), but to report, your mom would have to be a "member" of the 3 different credit agencies.  I am pretty sure that costs $.  Then I believe you get a monthly charge as well.  I am not sure what it is, but it is high enough that many small banks do not do it becuase it is cost prohibitive....  SO for an individual, even if it is possible, it would be reallt expensive.  That is the downside of using owner financing.  BUT, if you keep all of your payment receipts and they are all dated on time (no late payments), when your credit imroves a bit, you should be able to count the mortgage as a tradeline and getting a refinance should not be too hard to do once you can get the score up a bit.