I recently purchased a piece of land with the goal of building on it. Financing was through the owner. Is there a way to have the account reported by the CRA's?
Most owner's who finance do not have the ability to report because the bureaus make it so cost prohibitive to report good payors, but extremely cheap and easy to report bad ones. You can always ask them.
There is a minimum number of accounts they have to report...LIKE 500 or 1,000 or something like that...BUT IF YOU ARE LATE ALL THE TIME...THEY CAN REPORT YOU AS ONLY ONE CUSTOMER...
If this is true, then maybe you could have the owner report you as late all the time, and then you send a dispute saying "NEVER LATE" and have the owner verify(?).
Re: Re: Owner Carry Financing: Reported? If I tried that with my LUCK...it (THE WHOLE ACCOUNT) would just be REMOVED TOTALLY FROM THE CREDIT REPORTS FOREVER!!!
Re: Re: Owner Carry Financing: Reported? That is always a risk you take disputing an account with the CRA's, and maybe more so for the "UYGF" I have a paid off car loan (paid since March 2003) showing a balance of $6k on my reports. I'm too afraid to dispute the balance because the account could be gone forever. But Kickman would have nothing to lose....the account isn't and won't be reported because CRA's don't take small "positve" accounts, only baddies.
Re: Re: Owner Carry Financing: Reported? Also CRA's have a habit of deleting an entire account when they don't here back from the creditor. But if the owner were to verify the "never late dispute" by Kickman, they should just update to "never late."
Re: Re: Owner Carry Financing: Reported? hmm... so how would I report bad payors then? in order to get the updated as good payors?? anyone ever done this??
Re: Re: Re: Owner Carry Financing: Reported? They (LAND OWNER---WHO YOU ARE PAYING) would have to BE FAST in responding to the CRA...it MIGHT work
Re: Re: Owner Carry Financing: Reported? Well I would say having the owner report the account as late only to later verify a dispute by a consumer as never late is a **possible** back alley approach to getting an unreported positive account reported. HOWEVER and this is a BIG ONE......I wouldn't even contemplate **messing** around with a NON-existent account. Remember this post: http://consumers.creditnet.com/stra...s=&threadid=41634&highlight=experian+handcuff It had to do with the EVIL EXP calling the police to haul off employees during working working hours, because new accounts were being reported delinquent and then the next month updated to positive never late. I if I were to guess, I would imagine an employee of the Empire figured out a "loophole." Report an account as a baddie, then update to positive. Considering the CRA's won't bat a lash to take a single negative account, it would probably go unoticed when updated. But there is a big difference between what the EXP employees were doing and Kingman having the owner report the account as late.....EXP employees MADE UP FICTIOUS ACCOUNTS, Kingman's account is a legitimate REAL account. The CRA's make it impossible for positve accounts to be reported by a small creditor, and maybe a consumer just finds a way to outsmart the CRA to get that account reported.
