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     | Thursday, February 03, 2000 - 03:21 am  I have heard that for a small fee ($3-$4) each of the Credit Bureaus will add non-reporting creditors to your file. I was told that you must provide account information with your request so that the Bureau can verify the account status. This is a one time reporting. My questions are: How would this one time reporting affect scoring algorithms used to calculate credit-worthiness (especially for mortgate applications) ? Has anyone actually tried this, and how did it work out ?
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| | Thursday, February 03, 2000 - 06:45 am I did attempt this, and I found that Experian was unwilling to add unreported or privately-held obligations to my credit profile.
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| | Thursday, February 03, 2000 - 07:01 am You, personally, can't add ANY kind of credit to a credit file. Credit information in the bureaus comes directly from the creditors. Why haven't your creditors reported this information previously? Maybe they weren't signed up with the credit bureaus. Remember, CRAs are for-profit companies, and to belong, creditors need to both pay a fee and qualify. Also, creditors are not obligated to report your credit to the CRAs. And not all creditors sign up with all three CRAs. If your creditors were going to report your credit, they would have already, I suspect.
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| | Thursday, February 03, 2000 - 10:37 am I have a personal example of this. I am buying a house that was owner financed. I am now into my 12th year in the same home and my payments have never ever been reported to any CRA's. Of course the individual with first lien on the home has no ambition to join the CRA's or even attempt to report my good payment history. Being a credit risk back then and not really knowing the importance of having a payment history on my reports, I had no idea what a mistake it was for not getting a real mortgage sooner. We will be refinancing soon and I wish had our history on our files for proof. This is an instance where I wish I could report this history somehow to my files. Live, Learn, and Grow. Good Luck, Barry Noret CreditMania.com, Inc. A Unique Personal Finance Portal http://creditmania.com icq 1638349
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| | Thursday, February 03, 2000 - 01:02 pm Barry- Come on! I find it hard to believe someone with your sig line wouldn't have refinanced in '98 when rates were sub 7%. Your response looks to be no less than a slick way to post your URL.
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| | Thursday, February 03, 2000 - 01:38 pm Anon poster, As a matter of fact I tried to refinance back then, however I still was labeled a subprime risk. Any "b" or "c" paper that I could qualify for would not have done any better than the fixed 9.25% I already own. Since then, getting my financial life in order, I am going to refinance for no other reason than to either move up in home size, or grab some equity in my current home that became legally available to Texas residents a year ago. I do not have AAA credit, and if I did, I would probably not have dreamed of starting CreditMania. Peace, B.
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| | Thursday, February 03, 2000 - 02:41 pm Exactly. We're not all into credit scoring because we have 740+ FICO scores and a 10,000 limit 9.9% APR NextCard in our wallet. For whatever reason we are struggling to get the credit we want at the price we want.
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| | Friday, February 04, 2000 - 08:13 am Just because your private mortgage was not reported to the CRA's does not mean you can't use it to help you refinance. Tell the mortgage company about this and get a letter from your current mortgage holder stating your payment amount, how long you have been making payments and that you have always been on time. People with little or no credit as well as those rebuilding use this method to show their rent has always been paid on time. This may not help your official score, but it will help overall.
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| | Friday, February 04, 2000 - 10:34 am But if your lender, like most prime lenders, uses scoring as an absolute basis, then a letter from Jesus Himself won't help. Most lenders and brokers utilize automated underwriting systems and have given up on old fashioned manual underwriting with human intervention. Otherwise, you'll end up with a sub-prime loan.
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