Just wondering, if someone in the family grants a personal loan to me, and i want them to report my payback payments to my credit record, is this possible? I'm wondering because i was hoping it might improve my credit rating since it's for a home.
2007-10-10 09:36:37 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
Anybody can call a credit bureau and report something, but that does not mean that it will go on a credit report. A credit bureau will list only things reported by businesses (or the government), not things reported by your friends and family, because otherwise everyone could ask their friends and family to make phony positive reports about them to the credit bureaus.
2007-10-10 10:38:00 · answer #1 · answered by StephenWeinstein 7 · 0⤊ 0⤋
They have to belong to the credit bureau as a business. It also costs to join. So, most likely your family member will not be able to report your timely repayment of the loan.
2007-10-10 09:42:25 · answer #2 · answered by Sunny_1_ 3 · 0⤊ 0⤋