How does one get credit report to Credit bureau for making timely payments on land contract?

Asked by Dunn, Grand Rapids, MI Tue Oct 28, 2008

Purchasing a home land contract. Paying interest only to seller. Where do I get amorization state from each year and how does this get reported to credit bureau for making timely payments?

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Scott Godzyk, Agent, Manchester, NH
Tue Oct 28, 2008
the seller has to join the credit bureau and they pay to report positive or negative to them. most sellers do not belong to the credit bureau and your payments good or bad are not reported, you can ask him to join and offer to pay if he balks. good luck working it out, hopefully he will agree.
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LYNN Afton, Agent, Big Rapids, MI
Tue Oct 28, 2008
If you are interested in purchasing another home, some loan programs will allow "manual" underwriting, whereby paying rent, utilities, land contracts, etc. on time (with proof) can be used instead of (or in addition to) a credit bureau reporting based scores. If you are looking for a standard amortization report, as though all payments are assumed to be made on time, I would be happy to print one out for you. Just give me a call - no obligation. -Lynn Afton, Realtor (231) 349-9191
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Dallas Texas, Agent, Dallas, TN
Tue Oct 28, 2008
GREAT QUESTION: However the seller of the property would need to be a member of the credit bureau in order to report timely payments. If not a member there would be no reporting to credit bureau.
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