How does an individual report to a credit agency.?
I'm buying my house and land from an individual who is carrying the note for me so no bank or finance company is involved. So far I have made 39 payments without any problems, always paid early, never even one day late. Is there any way an individual can report good credit habits to a credit reporting agency? Thanks In Advance,,, JP It is all 100% legal, every payment is made by personal check, no "under the table" transactions happening. Bdancer, you're the bomb, that link has it all... THANKS
Public Comments
- Check here: http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm You can add to your report but there is fee. It also won't be updated.
- You can write to the 3 credit reporting companies and ask if they will post your comments in your credit file. Go to annualcreditreport.com and order your reports (free once a year). They will give you directions on contacting them. Private payments aren't reported, but if a bank or title company collects the payments for the note holder, they might report it. Either you or the note holder would have to pay them a fee for the service though. Since this was a private transaction, the IRS may not be aware of the sale, or the interest (which is income) the seller is receiving. If the holder of the note isn't reporting the income, they will not want you to do any of that because it will become public record and they could have the IRS on their case.
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