Reporting Payments On A Note You Hold.
I hold a note on a property and the borrower is trying to rebuild credit. I would like to help them improve their credit so that they can purchase another property they are lease optioning from me.
Does anyone know the proceedures, costs, etc, so that I can report their payments to the CRA's?
I don't know the cost but contact the creit bureaus and find out. Then run a search on Google and find out if there is a cheaper way.
From what I understand your credit score does not increase much with having a mortgage reported. It does some, especially if payments are on time but the rest of the report is equally important. You can easily provide the required documentation to the bank and that should suffice. Your buyer should be more concerned with making payments on time now and following good credit behavior than having your note on their credit history.
My 2 cents...