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okay so i recently tried for a car loan and was informed my credit is not substantial enough (meaning i do not have a high enough amount of money credited too me at one time) HELLO I own a house which i am primary on the title. The dealership informed me that my mortgage is not showing up on my credit check (soo duh of course they denied me) anyways i went to all the trouble of calling equifax who told me to call the mortgage company. So i called the mortgage company and they said that they do not deal with a credit agency (huh) so im paying all this money month after month to own a nice house but im not getting any credit for it!!! something doesnt sound right. are they aloud to not send to a credit bureaus? and if i request for them to make a report to a credit agency is it there right to refuse that?
How long have you had a mortgage on the house? It took six months before my mortgage account started to show up on my credit report.
You should call back and ask to speak to a supervisor. Then ask them how frequently they report payments or non payments to a credit reporting agency. Maybe they only do it quarterly and not monthly. Your first answer seems strange considering they are a bank and people default on home loans all the time. They just don't report those people at all, ever? Doesn't sound right. I would just keep asking until I got an appropriate answer.
okay so i recently tried for a car loan and was informed my credit is not substantial enough (meaning i do not have a high enough amount of money credited too me at one time) HELLO I own a house which i am primary on the title. The dealership informed me that my mortgage is not showing up on my credit check (soo duh of course they denied me) anyways i went to all the trouble of calling equifax who told me to call the mortgage company. So i called the mortgage company and they said that they do not deal with a credit agency (huh) so im paying all this money month after month to own a nice house but im not getting any credit for it!!! something doesnt sound right. are they aloud to not send to a credit bureaus? and if i request for them to make a report to a credit agency is it there right to refuse that?
If it is a Fannie/Freddie/FHA loan they have to report it to the bureaus. However, if you have a mortgage with your local bank and they hold it "in house" they do not have to report to the bureaus. If that is the case, and you are in good standing you get the car loan through them.
It's not required for a mtg company to report to the credit bureaus. However, once a mtg company starts reporting even one of their loans to the bureaus, they must report all of them and they must cont to report. This may be different if it's a FHA/VA loan...not sure because the mtg company I work for doesn't report at this time to credit bureaus but we also do not own any govt backed loans. What you can do is request a verification of mortgage (VOM) from your mtg company. Many creditors will accept this if your mtg doesn't show on the bureaus.
The VOM is a good idea. I had to request one when a borrower had to prove a mortgage in another country.
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