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millerja9 · Joined: 19 Jun 2009 Posts: 100 0.00 Dollars($)

I hold a private mortgage through my parents which is not being properly reported to credit bureaus. How can I get my 3 years of on time payments reported to help improve my credit?

gmakerley · Posted: Tue Dec 15, 2009 11:18 am Post subject:

creditors who report loan products are subscribers to the credit agencies. if you want to have a private mortgage reported, you are probably 100% out of luck.

ronb009 · Joined: 17 Dec 2009 Posts: 12 0.00 Dollars($)

I will answer your query. Some thing I want to confirm that have you given cancelled cheques? There are many lenders who accept 12 months' worth of cancelled cheues to prove that you have been making mortgage payments to an individual.

This proof can be updated on most lender's internal credit reports, which will improve your profile for the home loan.

gmakerley · Posted: Sat Dec 19, 2009 8:18 pm Post subject:

and i neglected to say all that, too. yes, ron's correct in asserting that you should maintain good records of your payments made, because you can then establish that you've paid on that private mortgage on time each month.

i don't know about "internal credit reports" per se, but it'll certainly serve you as documentation that you've been paying for this period of time, which will be worthwhile in your attempts to obtain a new mortgage.

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