If you have a new mortgage, you are probably anxious for it to show up on your credit report. Housing debt can have a positive impact on your credit score, especially as you start making payments on time. Many lenders look at your housing debt as an indication of your level of financial responsibility.
Unfortunately, your new mortgage won’t show up on your credit report right away. Just how long will it take?
The General Timeframe
If we are talking general timeframes, here, you can expect your mortgage to show up on your credit report between 30 and 60 days after you close on the loan. It takes time to get the paperwork filed and the loan reported to the credit bureaus. Lenders typically work on getting the loan recorded with the county first and then they report it to the credit bureaus.
If there was any type of issue with your loan and or the entering of your information, your mortgage may not show up on your credit report at all. Many times, the information is entered by a clerk, which is human and can make mistakes. One transposed number in your social security number or a misspelled name could take it even longer for your mortgage to show up on your credit report.
Your Mortgage May not Report at All
In some cases, lenders don’t report mortgages to the credit bureaus. While this seems odd, it’s not required. If you get your mortgage from a small, private lender, you may want to ask if they report to the credit bureaus. Because it’s such a clerical undertaking, some banks just don’t report to avoid the work that is involved.
If you end up with a lender that doesn’t report to the credit bureaus, you can keep your own mortgage payment history. When you apply for loans in the future, you can provide your lender with copies of your canceled checks or online payment confirmations for the last 12 months. This way the lender can see the official proof that you made the payments on time even though it’s not on the credit report.
It’s up to you to check and see if your new mortgage is on your credit report. Your mortgage company isn’t going to tell you when it is on there. A few months after you get your mortgage, consider pulling a free copy of your credit report from www.annualcreditreports.com. This way you can see for yourself if the mortgage is on there. If it isn’t, you can contact your lender to find out what is delaying the process to see if there is anything that you can do.Click to See the Latest Mortgage Rates»