Getting a private mortgage to show up on your credit report can be hard work! They’re designed in such a way that they often just don’t appear… so it’s up to you to make sure that it does. We as Toronto mortgage brokers can help you do this. If you’re paying off your mortgage each month, those payments count! You want different lenders to see that you have a large account that is in good standing, that your credit report is up to date and accurate. There’s nothing worse than telling a lender you have a mortgage that they can’t find on your credit report. Here we’re going to go over the steps you need ot take to have your Canadian private mortgage on your credit report.
Speak with Your Lender
The first step you need to take is to speak with your private mortgage lender. Even if you worked with a Toronto mortgage broker like us, you’ll still need to contact the lender directly. Tell them that you need your private mortgage reported monthly to the three major credit bureaus (Equifax, Experian, etc.) Most will do this if you ask, but some may not. You will need to push them, but if your lender doesn’t cooperate, that’s okay! You still have ways of getting your private mortgage added to your credit report even if your lender isn’t working with you to make it happen.
Speak with the Credit Bureaus
Speaking with the credit bureaus needs to be done, even if you’ve already spoken with your lender. If your lender agreed to alert the Big Three that you have a mortgage with them, give it a week before you speak with the credit bureaus. Have all of your documentation ready like your balance, who your lender is, your account number, principal information. Basically everything that you have on your bill each month is what the credit bureau is going to need to know to get you listed.
Keep an Eye on Your Credit Report
When you worked with one of our Toronto mortgage brokers to get your private mortgage initially, you most likely had a credit report pulled up. You’re going to need to watch your credit report for the next six months to make sure everything is running smoothly. Every 30 to 45 days your private mortgage lender should be sending information to the reporting agencies and that information should updated on your credit report. It will tell you how much of the principal is owed, how much you’ve paid in the last x amount of months, etc. It’s important that you keep on top of your information.
Many lenders will report once and then never again; make sure you keep an eye on your credit report to know that they’re reporting every month. The more they report, the better your score will be and the more credit you can get in the future!
Need to know more about private mortgages? We can help! We’re experienced Toronto mortgage brokers who know how to get you the best mortgage, contact us today.