Information on Creditors Reporting to Credit Bureaus

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Arya

Joined: 19 Aug 2009
Arya's page
Posts: 46

1190 Magic Points

Subject: Information on Creditors Reporting to Credit Bureaus

Wed Aug 26, 2009 4:34 pm

How does an owner financed mortgage that went through a closing and is actually being financed by a person; be reported to the Credit Bureau? Do they have to legally?

carol

Joined: 27 Jun 2006
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Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Thu Aug 27, 2009 10:41 am

Hi Arya

An owner finance cannot be reported because in this case there is no third party involved. By third party I mean a creditor, a lender or a mortgage financing company.
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Neil Suffa
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Subject: Follow-up

Tue Aug 31, 2010 5:55 pm

Carol - Your answer is not actually correct. There is a lender, the owner and there is a creditor, the individual. All that is missing is a party licensed to report to the credit bureaus. Personally, I think that is farce.

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