Can you report on time payments on private loan?
We have a contractual loan (one with a contract, not a handshake) from an family member who bought our student loans. We pay regularly just like any other loan and we pay a small amount of interest (whatever the minimum was to avoid calling it a gift).
Is there any way to get our awesome payment history to show up in our Credit report? Not that we need it, but it's always nice to get "credit" for your on-time payments.
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I don't think so.
I found TransUnion's page on data reporting: information for those organizations ("data providers") that report their accounts receivable data to TransUnion. It explains the steps needed for becoming a data provider. It's a rather involved process, but the most obvious deal-breaker in your case is that a data provider has to have at least 100 accounts. Your family member evidently has only 1.
I couldn't find similar information for the other two major US credit reporting agencies (Experian and Equifax) but I am inclined to think it is probably similar.
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