mortgages being reported on credit bureaus

[stepchuk]

I was wondering if anyone else out there had noticed if their mortgages were being reported on their credit bureau? For years now there has been talk of lenders reporting as is the case in the US, but I had not personally experienced this until just a few months ago. My mortgages with Citizens Bank of Canada are all being reported on one major credit bureau (Either Equifax or Transunion, I can`t remember which, but definetely not on both.) I had heard rumors of BMO reporting as well, but have no proof to substantiate this. Can anyone else shed any light into this situation?

Thanks,

Chris

 

[PeterKinchMortgageTeam]

QUOTE (stepchuk @ Oct 15 2008, 12:47 PM) I was wondering if anyone else out there had noticed if their mortgages were being reported on their credit bureau? For years now there has been talk of lenders reporting as is the case in the US, but I had not personally experienced this until just a few months ago. My mortgages with Citizens Bank of Canada are all being reported on one major credit bureau (Either Equifax or Transunion, I can`t remember which, but definetely not on both.) I had heard rumors of BMO reporting as well, but have no proof to substantiate this. Can anyone else shed any light into this situation?

Thanks,

Chris

Most simple mortgages do not report (with the exception of some credit unions), however many collateral mortgages which are readvanceable and contain an LOC component are reported. All of citizens bank mortgages are readvanceable which is why they are reporting. Any mortgages reporting on the bureau should have already been disclosed so it should not affect your application in any way.

Hope that helps,

 

[billf]

Hi,

I check my own report every once and a while and noticed all our Scotiabank mortgages were on my file for the last two years. I asked the Bank Manager about it and they said Scotia and TD are reporting. I believe it appears on my Equifax file.

Bill F.,

Ontario

 

[PeterKinchMortgageTeam]

QUOTE (billf @ Oct 15 2008, 08:10 PM) Hi,

I check my own report every once and a while and noticed all our Scotiabank mortgages were on my file for the last two years. I asked the Bank Manager about it and they said Scotia and TD are reporting. I believe it appears on my Equifax file.

Bill F.,

Ontario


If you have a STEP mortgage with scotia (most of them are), they will report as they are readvanceable. TD as far as I know, reports only its LOC`s - if you have an LOC mortgage with TD, it will report.

 

[RArora]

yes I have my STEP mortgage with Scotia reporting on my Equifax as well.

 

[MikeMcCrae]

Remember a line of credit secured against a house is a mortgage.

 

[stepchuk]

Thanks for the info, this makes alot more sense to me. Of course I disclose this information when applying for new financing, but I was just curious more than anything.

Chris

 

[kanabel]

All of my 3 BMO mortgages are reported from day one, while RBC still doesn`t report.

Dejan