Posted by Mark-NC on October 20, 1999 at 17:00:38:
Yes, this is true But the problem is unless the creditor is registerd with the credit companies as a member they will not put this information on their credit file. I know this from personal experiance in dealing with them trying to help my clients.
Mark
How do we report to the credit bureaus? - Posted by Russ Sims
Posted by Russ Sims on October 20, 1999 at 10:38:03:
I now have 8 tenants, most of whom are in lease/options. I want their payment records to be reflected on their credit reports but I don’t have clue as to how to do this. Any advice? Thanks!
Russ
Re: How do we report to the credit bureaus? - Posted by Cheryl
Posted by Cheryl on October 20, 1999 at 18:37:59:
You have to be a member of one of or all of the 3 credit repositories (equifax, experian and trans union). You may call them to find out about becoming a subscriber. They will be able to provide you with information on how you may report credit ratings/histories.
Under Federal Law, The Person You Report Can Have Stuff Added - Posted by raelynn mitchell
Posted by raelynn mitchell on October 20, 1999 at 14:12:22:
One way of having things added is to go to the individual paying and have them request their own credit report. When they see that there is positive information missing, they can request the credit bureaus add this additional info. The bureaus will then contact you as the person receiving payment to verify the payment history the payor is claiming.
This is something that a lot of people overlook, having positive items added.
This also holds true for business credit with Dun & Bradstreet as well as the big 3 personal credit bureaus.
Re: How do we report to the credit bureaus? - Posted by Mark-NC
Posted by Mark-NC on October 20, 1999 at 12:05:39:
Like Rob said it is expensive. One alternative is to keep good records and possibly copies of the checks that come in for payments. That way when it comes time to excercise the option alot of lenders will look at that information as credit and it will help them obtain financing.
For your information, another thing you can do with lease options is turn them into a seasoned note and sell the note at closing. The LTV will need to be around 80%at the time of note purchase for the best results.
Mark