I funded a private mortgage loan for two individuals. Can I report this loan to the credit bureaus so it will be included in their credit score?
2006-10-30 05:59:31 · 3 answers · asked by Gary C 1 in Business & Finance ➔ Credit
They can use you as a reference if they need to get another mortgage. Usually the company will require cancelled checks or copies of money orders used to pay you. Receipts aren't allowed as much now due to fraud in producing them as proof. However, if your borrowers can locate most of the cancelled checks and you are just missing a couple of months, lenders might accept the receipts. Usually they want a 12 month history or more of current timely payments. It's tough to report to a credit bureau unless you meet their criteria, which can include being licensed in your state. However, it never hurts to ask the big three.
2006-10-30 16:08:56 · answer #1 · answered by MJ 4 · 0⤊ 0⤋
You can't unless you have a lenders license in your state. They will need to pay you by CHECK ONLY and then can refi in 1 year. Case and or receipts will not work with most future lenders.
2006-10-30 06:04:04 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
you can call and ask them also if they have deflauted then take them to court and get a judgement. and that will go on their credit reports too
2006-10-30 06:01:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋