Report payments to credit bureaus. Suggestions??

4 Replies

Hello everyone! We have a buyer who is interested in a home but wants the seller to report all payments. I, personally, never heard of any landlords or investors reporting payments. But I'm sure there is a way. I have my thoughts but I just want to see if there are any options or suggestions available. 

I know a few Landlords that report monthly payments to a credit reporting agency but it is complicated and time-consuming. It may not be difficult for a single person/property but it certainly wasn't worth my time with 300 units.

@Nathan G. thanks Nathan! I figured it was complicated. I honestly don't have time for that nonsense. Just the thought alone sounds time consuming!
I know this response is a little delayed but I previously heard about this company https://rentalkharma.com The customer signs up and pays fees you pay nothing. Supposedly all you have to do is simply verify payments. I have never tried it but maybe worth suggesting to your tenant. Let us know how it goes.

@Taniece Minor - is this owner occupied home? If so I would recommend using a 3rd party se giver to collect the payments then report it to the bureaus. You can include in the note thee borrower is responsible for servicing fees (in most states but not all).

Reason I recommend this is Dodd frank and if there is ever an issue and your Not licensed to service loans in that state, not only are their fines to deal with but possibility of invalidating the note and having to return funds etc. don’t want to scare you but lending vs servicing are two distinct issues that people need to be aware of when owner financing

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