im taking out a loan from my IRA and ill be paying $32 per month to pay off the loan. will that show up on my credit report?
I was not aware you could borrow from an IRA, or even use it as colateral, without risking the tax deferred status of the account. You can often borrow from a 401K under many company plans. I don't think it shows on credit reports, since it is in effect your own money, as opposed to an extension of credit by another party.
I have done this in the past from a 401(k) account. As Ontrack says, in effect it is your own money, nothing shows up on your CR's.
Borrowing against it doesn't change the tax-deferred status. If you defaulted on the loan, however, it would likely be reported as a taxable distribution to you. You would have to report the unpaid amount as income on your tax return and it may be subject to the 10% penalty on early withdrawals from retirement accounts.
