Can an individual report to a credit agency?
I have horrible credit, but I am buying a truck from a friend on a personal note...I am not getting a bank loan. We wondered if it would be possible for him to report me as a debtor to the agencies to establish that line of credit to help improve my credit score, and if it is possible, what are the associated fees?
Public Comments
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- No, it doesn't work that way because your friend is not a bank for one...and the Bank is not your friends' friend. The way it works is that when you pay or do not pay your payments this information is given to the bureau and that is what goes on your file. On a personal note(s), things like these do not exist. There is no way around the credit system as far as how information is reported to credit bureaus(agencies) I suggest, getting a secured card to re-establish your credit score, and once they build trust in you again, they will convert that card into a normal card and return the money.
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