QUESTION
How can you get positive payment history to show up on your credit report?
Asked on Sep 14th, 2015 on Bankruptcy - Illinois
More details to this question:
I been entered as a debtor and filled a Uniform Commercial Code or UCC with the department of state and the lender gave me a security agreement and also a promissory note and they filed out their part and I filled out my part ok the reason I’m went through this process is cause the lender gave me a loan of 22,500 USD and I gave them collateral a but the loan has been paid off and I have been told by them that I can have this shown on my credit report as good payment history if this is true who gets the security agreement and promissory note to file it I tried the county court clerk they said they don’t deal with that stuff.
3 ANSWERS
Not every creditor subscribes to the credit reporting agencies. No creditor is required to report to the credit reporting agencies. You are not a subscriber to any credit reporting agency and therefore cannot provide credit history to them about yourself. Subscribing to a CRA can cost thousands of dollars every month, so you are barking up the wrong tree here. There are plenty of other ways to increase your credit score but you are trying to accomplish the impossible.
Answered on Sep 15th, 2015 at 11:03 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
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Credit reporting agencies work like this: when a lender is considering you for a loan, they buy your credit report, then 90 days later the the CRA sends them a request to verify whether you made the loan and if so, the amount and terms of the loan. Then every month thereafter, they report to the CRA (this is all automated), whether you payments are on time or how far behind they are. If the debt doesn't appear on your credit report already, that means the lender doesn't report to the CRA, and you'll never get it on your report.
Answered on Sep 15th, 2015 at 10:31 AM
Debt Collection Attorney serving Chicago, IL
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Edelman, Combs, Latturner & Goodwin, LLC
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I am afraid a creditor is not required to report to a credit bureau. The only obligation is to report accurately if they do report.
Answered on Sep 14th, 2015 at 3:50 PM