(Questions) Updating Credit Bureaus!

[bigdaddyroy]

First question:

Does it cost OC's & CA's to update your credit report with the credit bureaus even if the account is closed?

Second question:

Is it possible to pay someone to add a positive trade line to the credit bureaus? I would be wiling to pay them whatever they pay the bureaus.

(example: I take out a loan with them and repay it in a couple of weeks. I want this to be as honest aspossible).

Any thoughts would be appreciative.......

[creditfix_1]

Who would you take out the loan with? i.e. a personal friend???? You would have to get credit through someone who is a regular subscriber to the bureas - like a bank.

You could open up a savings account and then put that account up for a secured loan. So, you would have $500 (for example) in a savings account and the bank would loan you $500 against that savings account. If the terms of the loan are to repay it in 12 months, you would make payments on it for 12 months and then they will release your original $500 with interest.

I don't think this is done as much as it used to be. Just go to the bank and talk to one of the loan officers and ask them if they do secured loans against a savings account.

[katwoman]

Actually, it is done as a common way of building a credit profile. But it will do no good to do it for a period of time of less than 12 months. The whole point of the exercise is to create a positive payment history and anything less than a term of 12 months won't make a blip on a credit report.

Also, don't make the mistake of taking out a loan with a bank that doesn't report to all 3 bureaus. I fell into this trap and my installment loan was only reported to TU. From now on, I ask.

[bigdaddyroy]

Thanks Katwoman. Point well taken.