harley princess asked:
Hello, I have a question about reporting bad debt to the 3 credit reporting agencies. I sold property, decided to hold a 2nd mortgage for the buyer. I hired an attorney and paid him to represent me but he did not discuss the actual facts to me in selling the property. I never found out my buyer had terrible credit with a recent judgment against him for not making payments on a car that had just been repoed. I found everything out on my own after closing through public records. Now, this buyer is not paying me after only 8 months. He has been late every month except one and over 30 days late each time that he has been late. I know after 30 days this goes on credit reports but how do I report this since I was never given any of his personal information. All I know is his name. I personally do not think it is fair if I could not report late debt since if I were to be late on my mortgage through my bank, I would be turned into the agencies. I do not want him to have good credit when he never pays on time. I am owed 2 months as we speak. Thank you
JAME
Hello, I have a question about reporting bad debt to the 3 credit reporting agencies. I sold property, decided to hold a 2nd mortgage for the buyer. I hired an attorney and paid him to represent me but he did not discuss the actual facts to me in selling the property. I never found out my buyer had terrible credit with a recent judgment against him for not making payments on a car that had just been repoed. I found everything out on my own after closing through public records. Now, this buyer is not paying me after only 8 months. He has been late every month except one and over 30 days late each time that he has been late. I know after 30 days this goes on credit reports but how do I report this since I was never given any of his personal information. All I know is his name. I personally do not think it is fair if I could not report late debt since if I were to be late on my mortgage through my bank, I would be turned into the agencies. I do not want him to have good credit when he never pays on time. I am owed 2 months as we speak. Thank you
JAME
#1 by Steve D on April 1, 2010 - 9:33 am
REUBEN
Unfortunately, only members of the credit reporting agencies can report accounts. You would have to apply to become a member and then pay the membership fee, which is not cheap. To report to all three bureaus, you would have to join each one separately. However, to become a member of the bureaus, you will most likely need to be a licensed business with a business need. The language on joining Equifax reads:
“To establish service with Equifax, you must be a licensed business. If you are not a licensed business, we will be unable to consider your request for service.”
#2 by ∞infiniti∞ on April 2, 2010 - 4:57 pm
GAVIN
One of the few ways an individual can report another individual to a credit bureau is through public records such as an eviction or a civil law suit.
You could also hire a management company to collect for you. Make sure that the management company subscribe to the credit bureaus.