Contract Purchase & Credit Reports

[FoolOnTheHill]

What is the name of your state? IN

My wife and I purchased a duplex several years ago on contract with a private individual. We live in one half and rent out the other half. While recently browsing my credit report, it occurred to me that the contract purchase is not listed. How would I get this information included so that I can receive credit for this purchase? If it's possible to get this purchase recorded, would it also be possible to have included on the report the several years of payments we've already made? Thanks in advance for any advice.

[JETX]

Originally Posted by FoolOnTheHill

My wife and I purchased a duplex several years ago on contract with a private individual. We live in one half and rent out the other half. While recently browsing my credit report, it occurred to me that the contract purchase is not listed. How would I get this information included so that I can receive credit for this purchase? If it's possible to get this purchase recorded, would it also be possible to have included on the report the several years of payments we've already made? Thanks in advance for any advice.

There is no obligation for any creditor to report anything to a CRA (Credit Reporting Agency). The report is voluntary.
It may also be that the creditor is reporting to another of the CRA's that you are not pulling.

Contact the lender and ask them to report their history on the transaction.

[FoolOnTheHill]

Thanks for the quick response. I've checked all three reporting agencies with no luck. Also, does it matter that the house was purchased from a private individual and not a lending agency? Thanks again.

[pojo2]

What kind of purchase agreement? Contract for deed, owner financing, rent to own?

Most individuals do not report to the CRA's, rather silly to think they would given they do not have the usual Mortgage contacts/contracts to do so.

Refinance the loan with a Mortgage Co./bank and they will record it.

[JETX]

Originally Posted by FoolOnTheHill

Also, does it matter that the house was purchased from a private individual and not a lending agency?

Of course it does. Very unlikely that the individual is a subscriber to ANY of the CRA's.... and as such, cannot submit anything to them.

[FoolOnTheHill]

Originally Posted by pojo2

What kind of purchase agreement? Contract for deed, owner financing, rent to own?

Contract for deed but what would that matter given your next bit of helpful advice.

Originally Posted by pojo2

Most individuals do not report to the CRA's, rather silly to think they would given they do not have the usual Mortgage contacts/contracts to do so.

I'm sorry, silly? My apologies for my absolute and utterly astounding ignorance regarding real estate law(s). Next time, I'll certainly make sure I've done a better job of hip-wading through the minutiae. Oh wait, that would negate the need for asking questions. Oops, silly me!

Originally Posted by pojo2

Refinance the loan with a Mortgage Co./bank and they will record it.

Sorry to disappoint, but as much as you'd like to believe, I'm not so inept that I couldn't figure that one out.

Originally Posted by JETX

Of course it does. Very unlikely that the individual is a subscriber to ANY of the CRA's.... and as such, cannot submit anything to them.

Once again, my sincerest and most humble apologies. I do actually mean that as I've been a member for several years and know that you, JETX, know your stuff. But, I mentioned that in the first sentence of my initial inquiry and your first response did not directly address this issue, hence the follow-up question.

For all of you who feel compelled to address my blatant lack of respect for the contributors to this site, let me assure that I've heard (read) it all: "This is free advice. You get what you pay for. You're a twit. How dare you. Go somewhere else. Your membership is cancelled, tick-tock-tick-tock. Your mom is a whore. (Okay, I made that one up.) Etc. So please, save your furious typing for someone who's likely to give a rat's fuzzy posterior. Thanks and have a 'Happy Holiday'. That's right, I just gave you a nonsectarian (that's one word, look it up) farewell.

[pojo2]

Sorry, we simply pointed out what most people already know, individuals can not just run down and record something on someones credit report. When is the last time YOU did so?

If it becomes necessary for you to utilize such information then just have your seller write a letter to the person stating your deal and that you have paid promptly.

or

REFINANCE