Posted on: 02nd Feb, 2010 09:47 am
We entered in to a seller financed mortgage in November. Is there any way this can update to our credit reports?
Unless the seller is reporting it to the 3 bureau's...no. If you can provide proof of monthly payment, than you can use it as an alternate tradeline.
I have proof of the payments how do I use it as an alternate tradeline? I'm intrigued!
When applying for a new loan. Provide the loan officer with proof that you're making a mortgage payment every month to the owner. The loan officer will give that to the credit reporting agency that pulled your credit and they should be able to add it to your credit report. It doesn't affect scores but, shows that you have the ability to handle a mortgage payment on a monthly basis.