I have purchased a few properties, fixed them up and resold them holding the note. Can I report on the payment records, two of these people had bad credit histories, but have perfect payment records to me.
2006-10-06 17:23:07 · 4 answers · asked by mykidsmom 2 in Business & Finance ➔ Credit
The 2 I mentioned are somewhat friends of mine now, but they were not when we went into our agreement. One couple married very young then got into credit card problems, then late payments, eventually they returned a vehicle that is shown as a repo. But instead of filing for BK they chose to continue paying off these debts over the past several years and it has gained them nothing as far as their score goes.
I just feel that if a persons FICA score can be used to determine if a person is capable and responsible ALL financial data should be used. I think the info of a perfect payment history to me for two in a half years should be made known.
2006-10-09 15:03:38 · update #1
Sorry FICO not FICA
2006-10-09 15:06:23 · update #2
It depends on if you are going to report their payment behaviors. Basically, you are just a lien holder on personal loans. Selfishly saying, why do you want to get into this masses? Are they friends of yours?
2006-10-09 14:42:01 · answer #1 · answered by Mimi 4 · 0⤊ 0⤋
You can provide statements to prove their payment history however if they have bad credit ratings it may not help as they will be since as a high risk normally bad credit rating is an automatic decline regardless of supporting documents.
2006-10-06 17:27:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Nope!
2006-10-06 22:28:54 · answer #3 · answered by DaMan 5 · 0⤊ 0⤋
I think you have to be a legit business to report.
2006-10-06 17:25:30 · answer #4 · answered by bradthepilot 5 · 0⤊ 0⤋