Thursday, July 29, 2010

Is there a way to report mortgage payments to credit bureaus if they are not being reported?

Yes, with limitations.





Many mortgage loan servicing companies (the ones that collect the payments from you and give them to the investors who own the loan) are bankrupt. Many have lost the ability to report to the credit bureaus due to the lack of appropriate accounting procedures within the servicer.





To make sure your credit is reported, you can go to creditloader dot com, and have them do what is called a ';loan wrap';. They make a loan to you that consists only of the loan you already have. You make your payments to them, and they pass them to the mortgage company, and report to the bureaus. They will charge you a fee up front and a little money every month, and they will require that you pay one month in advance so that when you make payments, they have time to clear. But it will get it reported for sure.Is there a way to report mortgage payments to credit bureaus if they are not being reported?
The mortgage is on your credit report. They do not report every time you make a payment. If you are paying it doesn't say your not and that's all they do. That is as good as if they are reporting that you are paying. You can not report on that credit report, ONLY that mortgage company can report on that mortgage. If you do something like pay off the entire mortgage, then they would change the debt balance such as having a revised mortgage that reflects a reduced debt obligation.

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