How to Report a Private Loan to Credit Bureaus

Consumers should know what private loans are, where you can apply, and the ways you can have a private loan reported to credit bureaus. One may choose to have any loan reported a credit agency, all you need to do is request that this be done.

Instructions

1

Private loans describe a loan taken out from a private source such as a bank or investor. Some consumers may choose a private loan over a government educational loan.

2

Request an application at your bank or online from one of the many companies offering private loans. Some of these companies include Virgin Money, Fynanz, Want-private-loan.com and Greennote, among others. Fill out and submit all required paperwork and wait to be notified of you approval.

3

Private loans can be better if you have good credit because you can lock in a low interest rate.

4

Virgin Money offers optional credit reporting. This credit reporting has to be turned "on" by the borrower. The borrower must also authorize this by faxing a signed consent form. If you have a private loan through a bank or other source, this loan can be reported to a credit agency at the consumer's request.

5

You may have any debt repayment item reported to a credit agency, simply by requesting that the lender report it. This can refer to a utility bill, a payment for financing (such as for furniture or jewelry), and a personal or private loan, among other things.