Consumption and Real Estate
If I buy an owner financed house, is there a way to get the mortgage reported on my credit report?
Question : If I buy an owner financed house, is there a way to get the mortgage reported on my credit report?
I am buying a house from a builder. I can’t get a loan so he is willing to owner finance. Is there a way that I can get that mortgage reported on my credit report so that timely payments will raise my credit score?
owner builder loans
Best answer:
Answer by My Take on It
The builder would have to report it for you.
Anyone who has a need to check peoples’ credit reports (a lender or credit company, a developer who may finance buyers, an apartment manager, a property management company, etc.) will have an account set up with the credit reporting bureaus that allows them to do credit report inquiries. This account also allows them to make reports to be added to a person’s credit report, whether that’s just to indicate that the person has a loan out with them or to report discrepancies (bad marks) on the report.
You can ask them if they intend on adding this loan to your credit report (I can’t imagine why they wouldn’t). And, you can verify that it’s on there by obtaining a copy of your credit report about a month or so after the mortgage is established.