Auto loan not reported

[Anonymous]

Our auto loan is not reported because it is through my husband's credit union. It is the one of the few things we have always paid on time (for several years). Helps that is taken directly out of his paycheck! Anyways, should I see if his credit union will report it? We are trying to improve our credit. I just want to make sure it wouldn't hurt us. The combine the 2 cars into 1 loan so b/t the 2 cars we owe about 18k still (original loan was 30k 2 years ago). Thanks in advance for the advice! PS, we also have a signature loan with them that isn't reported.

[Tuscani]

Yes you should! Call tomorrow!

[Anonymous]

This is what the credit union told my husband....they will fill out a loan verification sheet but they don't report to the CRA's. What is a loan verification sheet and where do I get one?

[Anonymous]

Comes from a lender typically. Loan Verification is for those who need to have a certain number of good paid timely accounts in order to qualify for a particular program. If the auto loan is not being reported and you have paid as agreed (and you need it to be recognized by the mortgage company for approval) you can use the account as a reference during the loan process.

BTW - If a CU doesn't report to the CRAs why continue your relationship? I guarantee if you pay late they will report.

Rob

[ronq]

That's different my CU reports to all 3 every month.

[Anonymous]

Unfortunately they take the payment right out of his paycheck, has it's benefits! They also make a payment for us each year with they dividends. I just wish they would report to the CRA! I am trying to get them to write up a basic letter with account balances and opening balances with dates that states the account is in good standing hoping that if I submit to CRA that it will work. Just need to boost my score for the next 6 months or so, want to get a mortgage.