Why is my mortgage not showing on my credit report

If you’ve recently been given full approval for a mortgage and have settled on your property, you may want to know when your mortgage will show up on your credit report.

Admittedly it’s not the first thing most homeowners are thinking about, but it’s still worth exploring how credit reports work and how long events and products stay on said report.

Positive events, such as being approved for a mortgage or paying off a credit card debt, may potentially boost your credit score. And if you’re aiming to do just that, you may want to know when it will be reflected in your credit report.

What goes into a credit report?

Your credit score is calculated based on events in your credit report, which includes:

• Money you borrow, including loans and credit cards
• Your repayment history
• Credit applications and hard enquiries
• Defaults
• Bankruptcy
• Debt agreements

The process of applying, being approved, and paying off a mortgage falls into these categories and will appear in your credit report.

When you apply for a home loan the lender will perform a hard enquiry into your credit report to assess your creditworthiness. The hard enquiry will be noted in your report, so if you’re making multiple applications at one time and having multiple hard enquiries happen at once, this may negatively impact your credit score.

If you’re approved for a home loan, you will begin making regular repayments towards this debt. If payments are made on time, then this is an example of a positive event and may boost your credit score. If you miss a payment, or default on the loan, this can hurt your credit score and will be reflected on your credit history.

Paying off a home loan is no small feat and closing this account will appear on your credit history. It is considered positive to pay off a loan, which means repaying your mortgage in full may further boost your credit score.

How long does it take for things to show up in your credit report?

Unfortunately, there is no one set answer to this question. The major credit reporting bureaus in Australia – Equifax and Experion – do not advertise this information.

What is important to know is that we are aware of what can hurt a credit score. This includes:

• Missing repayments
• Making multiple credit product applications
• Defaulting on a loan
• Bankruptcy

This means that something as simple as falling into financial hardship and not notifying your lender that you cannot repay your mortgage this month may lead to issues. You will have a period of 14 days from the payment due date before this is recorded on your credit report. This recording may hurt your credit score.

Familiarise yourself with what may adversely impact your credit score and do what you can to protect yourself and your finances from this happening. It may be worth checking your own credit score regularly to keep track of how things are going. This can also be helpful in case information in your report has been filed in error, or if you’ve been the victim of identity theft.

How long does a mortgage stay on your credit report?

Whether you’ve just applied for a mortgage, have been repaying a mortgage or have finally paid off your mortgage, this information should appear on your credit report. But for how long?

Here is how long you can expect various events to appear on your credit report, according to Equifax:

A. CBS Score is developed jointly with TransUnion using advanced modeling and analytics by an experienced global team of TransUnion analysts. The score utilizes Singapore's full market upload from retail banks on consumers' credit information and local characteristics to ensure its viability and application in the market place.

TransUnion has its business in fraud prevention and managing risks. For more than 30 years, TransUnion has been a leading provider of essential business intelligence services, including: consumer data, targeted marketing, analytical models and decisioning tools. They have helped companies create more financial opportunities by providing information services. To date, TransUnion maintains one of the world's largest databases of consumer credit information, providing value-added intelligence solutions to leading businesses around the globe.

After filing for bankruptcy, you may have noticed that your monthly mortgage payments are not being listed on your credit report. Instead you will see the account listed as “Included in Bankruptcy”, with no further notations on the monthly payments being made. This can be frustrating if you are current on your mortgage payments and are trying to rebuild your credit.

WHY IS MY MORTGAGE COMPANY NOT REPORTING MY MORTGAGE PAYMENTS TO THE CREDIT BUREAU?

When you file for bankruptcy, you are required to list all of your debts and this includes your mortgages. When you receive a discharge in bankruptcy it also discharges your personal liability for the mortgages on the home. It does not remove the mortgage lien that exists on your home. This means that if you fail to make the payments on the home, then the mortgage company can foreclose on the home but cannot pursue you for any deficiency judgment.

Mortgage companies will not report your mortgage payments because they are concerned that it violates the automatic stay or discharge injunction. The concern is that reporting the payments on the credit report can be treated as an attempt to collect a discharged debt. This can subject the mortgage company to a discharge violation in bankruptcy court. Reporting negative information for any mortgage payments that are late can be treated as a discharge violation.

HOW CAN I GET MY MORTGAGE PAYMENTS REPORTED?

1. Payment History– One strategy that we have done in the past and have heard other attorneys mention is to request a payment history from your mortgage company. You can utilize the payment history to dispute the accuracy of your credit report, for your mortgage payments. You can request that the credit bureau update your credit report with the payment history that you have submitted.

The credit bureaus will contact the creditor to resolve the dispute as to the information being reported. The creditor can then provide their own documents supporting the accuracy of the credit report or they may not dispute the payment history. If the creditor does not dispute the information, then the credit bureaus will update your information with the payment history.

2. Reaffirmation Agreementt- If you sign a reaffirmation agreement for your mortgage, then it will continue to be reported on your credit report. Reaffirming your mortgage is not necessary in order to keep your home. In most cases it is not advisable that you reaffirm your mortgage. Signing a reaffirmation agreement for your mortgage, makes you personally liable for the debt, after bankruptcy. This is an option you should consider only after consulting with an experienced bankruptcy attorney. If your bankruptcy case was closed and you did not sign a reaffirmation agreement, then you will have to check if it is possible to have your case reopened to sign a reaffirmation agreement. Whether you can do this will depend on the local practices in your area. Some courts will not allow you to do this.

Having your mortgage payments reported on your credit report is one step of many you can take to rebuild your credit. There are many other options available for rebuilding your credit score. For further information on rebuilding your credit go to: How Can I Improve My Credit Score after Bankruptcy?:

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