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factx
Posts: 2
Registered: ‎08-12-2013
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Need Land contract reported on scores

[ Edited ]

I bought my home 7 years ago with private financing by the seller (in WI its called a land contract or landcontract). How do we get it to report on the 3 cedit bureaus so my scores reflect its longevity plus perfect payment history? The holder of the debt is willing to cooperate but doesn't know what to do.

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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: Need Land contract reported on scores


factx wrote:

I bought my home 7 years ago with private financing by the seller (in WI its called a land contract or landcontract). How do we get it to report on the 3 cedit bureaus so my scores reflect its longevity plus perfect payment history? The holder of the debt is willing to cooperate but doesn't know what to do.


Welcome to the forums !

 

The credit reporting agencies have agreements with companies in order for them to transmit and report information ~ lenders really don't have any way to get information added to their reports outside of entering into a business agreement with the CRAs, which involves paying money to the CRAs.

 

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
New Member
factx
Posts: 2
Registered: ‎08-12-2013
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Re: Need Land contract reported on scores

Seems like the CRA's are more interested in revenue generated from signing up members then they are with providing accurate information especially as it would relate to supposedly "high value" credit transactions such as this case and point being a land contract on a credit grantees primary residence. For scoring aren't mortgages weighted more then installments or revolving?
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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Need Land contract reported on scores


factx wrote:
Seems like the CRA's are more interested in revenue generated from signing up members then they are with providing accurate information especially as it would relate to supposedly "high value" credit transactions such as this case and point being a land contract on a credit grantees primary residence. For scoring aren't mortgages weighted more then installments or revolving?

I think fees are charged for a couple of reasons. First being that it's a trade-off so that your private seller can get credit info on others in exchange for monthly reporting. I think it also creates some legitimacy in the reporting. Lacking that legitimacy I could create a ficticious loan and report it to myself. If you assign a dollar value on the reporting then it creates some higher standards and tends to eliminate fraud and/or misreporting. Not defending it, just a thought though. I imagine they also use the money to make sure the lender reports the loan monthly, and to make sure the report reflects that monthly reporting.

 

Mortgages are lumped in with installment loans (e.g. cars, SLs), but it has been posted in here that there's a slight edge in a coded mortgage vs. any other loan. Conversely, mortgage loans weigh very, very little compared to revolving accounts. You can easily hit into the 800s without any loans reporting.


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