thompsonsx6 Posted October 12, 2007 Report Share Posted October 12, 2007 We have a house contract with my brother-in-law. Can he put that on our credit report? If so how.We have poor credit but for three years we haven't had any credit so we would like to start working on that.Cory Link to comment Share on other sites More sharing options...
sgip2000 Posted October 12, 2007 Report Share Posted October 12, 2007 He would have to subscribe to one or more of the CRA's and then submitt all of the necessary info on the contract. I'm guessing he could report it as a loan but I'm not sure if he would need to be a licensed business. Link to comment Share on other sites More sharing options...
merkurfan Posted October 12, 2007 Report Share Posted October 12, 2007 best way, pay on the contract for a few years, then refi with a bank. That way you'll get the mortgage on your report. Otherwise, there is no way for it to be reported short of the contract holder spending a lot of your money. Link to comment Share on other sites More sharing options...
isislc Posted October 13, 2007 Report Share Posted October 13, 2007 You can also request to have it included on your credit report. Here's a draft of the letter I just sent. Also make sure you include receipts and copy of the contract along with contact information for your brother-in-law.Re: Request For Addition of Credit InformationTo Whom It May Concern:Please include in my credit report the additional information attached.Acct # (as it appeared on my other 2 credit reports, date opened, status: paid,closed)Acct # (as it appeared on my other 2 credit reports, date opened, status: paid,closed)Acct # (as it appeared on my other 2 credit reports, date opened, status: paid,closed)Contact Info:Wisconsin Beer123 beer kegMilwaukee, WI 53XXXPH# 1-800-get-drnkAccording to the Fair Credit Reporting Act of 1996, I am permitted to add relevant credit history to my credit report. This will more fairly reflect my consumer and payment history. Therefore, I request you contact the original creditor if necessary to include the payment history for the three accounts referenced to my credit files.Thanks you for your attention.Please inform me within 30 days that the additional credit information has been included by sending my updated credit report.According to the Fair Credit Reporting Act of 1996, “A consumer’s credit report should reflect completeness and accuracy within a reasonable time after notification by the consumer.”Sincerest Regards,isislcWell, you get the gist of what it should look like. They usually contact the holder of the contract to verify and add it on. Some times they charge, some times they don't. GL. Link to comment Share on other sites More sharing options...
aadam101 Posted October 17, 2007 Report Share Posted October 17, 2007 Does this work? This seems to easy. Link to comment Share on other sites More sharing options...
isislc Posted October 17, 2007 Report Share Posted October 17, 2007 It does, it's just a matter of whether they decide to charge you or not to get the information added. Link to comment Share on other sites More sharing options...
skinny Posted October 18, 2007 Report Share Posted October 18, 2007 How much do they charge? Link to comment Share on other sites More sharing options...
isislc Posted October 19, 2007 Report Share Posted October 19, 2007 I haven't been charged yet so I don't really know. I usually send in enough info that they don't have to verify much. I think they charge if they need to do a little more digging than the information that you provide. Link to comment Share on other sites More sharing options...
aadam101 Posted October 19, 2007 Report Share Posted October 19, 2007 Does it report just like any other creditor? Link to comment Share on other sites More sharing options...
jasen Posted October 19, 2007 Report Share Posted October 19, 2007 Yes, but there won't be any monthly updates on it, obviously.Most companies who report pay a monthly/quarterly premium to be able to do so, based on the number of accounts they're reporting.I can't imagine they'd charge much for a one-time account insertion, if at all. Link to comment Share on other sites More sharing options...
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