Legal Question in Real Estate Law in Illinois

Is it illegal for a mortgage brokerage company to NOT report your mortgage payments to a credit bureau? I pay my mortgage on time every month and it is not on any of my credit reports.


Asked on 8/29/11, 12:17 pm

1 Answer from Attorneys
Stephen Messutta

The brokerage company is typically not the reporter. It is usually the loan servicing agent. Make sure you're looking for the right reporter first, then let us know. Brokers generally don't service loans and are not responsible for anything more than finding you a loan, getting it closed, taking their fee, and then monitoring the loan (subject to applicable privacy laws) to sell you another one as soon as possible......

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Answered on 9/15/11, 8:52 am


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