Reporting to Credit Bureau's
Hi all,
Just a quick question. I have been accepting mortgage payments on a property that I sold for the last few months. I would like the buyers to get credit for always paying on time "so far." I asked my CPA and he had no idea. Do you all know if this is my responsibility or the buyers responsibility, and how to go about this reporting?
Thank you!
CK
Most Popular Reply
There is no "responsibility" to report to the credit bureau by you the mortgagee (creditor). In order to be able to report to the bureau you must apply and be approved by each bureau. There are fees for reporting. Typically only companies get approved to report.
You can always hire a licensed mortgage servicing company, which may be a waste of your money, and they have accounts setup already.
If/when your borrowers apply for a new mortgage, that lender will check with you regarding their payment performance and history which will be taken into account. As for helping them improve their credit score via reporting them, unless you report to the bureau, there is not much you can do.