Strange News: Your Mortgage May NOT Show up on Your Credit Report

stockxpertcom_id14808161_jpg_9e3b87bed4629f1df403b5f0dc358ce4If you’re trying to prove your credit worthiness, you want all of your accounts in good standing to show on your credit report. They’ll raise your credit scores and show potential creditors that you’re a good risk.

But, unfortunately about 15 million Americans have mortgage loans that don’t show up on credit reports.

These are generally loans with small Credit Unions that don’t report to the credit bureaus. Since reporting does carry a charge, not all credit unions choose to do so.

However, some do, and mistakes do happen. So before you take any other steps, contact your creditor and ask if your account was simply overlooked in their reporting. If so, ask them to send an update.

It could be that they report to one bureau and not to the others. It could be that somehow your account fell through the cracks. It could be that they simply don’t report.

If they do report to one bureau, point out that entry to your would-be creditor and explain that it is with a small credit union that doesn’t report to all.

If they don’t report to any credit bureaus, you’ll won’t be able to get that account listed, but you CAN improve your chances of getting the new loan at good terms by providing your own documentation.

Gather up your year-end reports for the years you’ve had the mortgage, along with current statements showing that your payments are current. Under Section 202.6 (b)(6) of the Equal Credit Opportunity Act, you as a consumer do have a right to report this information, and your would-be creditor is obligated to consider it when determining your credit worthiness.

According to a recent article, a gentleman named  Michael Nathans is working on a Web-based consumer self-storage application for bill-paying information that should meet all reporting requirements. This would allow consumers to present their own financial file to any lender and have it scored.

In the meantime, be sure to check your own credit reports regularly, and take steps to correct any errors you find.

If you have accounts in good standing that aren’t reported, do the research and see if your creditor will report them upon request. If not, do take along your own documentation when requesting a loan.

This means that good record keeping on your part is a must. If you haven’t already set up files and a good bookkeeping system, do it now.

Author: Mike Clover your resource for free credit reports, credit cards, loans, and ground breaking credit news.

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Disclaimer: This information has been compiled and provided by as an informational service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.