Re: Can an individual report to credit bureau[ Edited ]
02-04-2011 06:37 AM - edited 02-04-2011 06:48 AM
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.
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. 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?