Can I ad a personal loan from a friend to my credit report?

I have a bet going on with a friend about this.

Can a personal loan from another person (not a bank or lender) be added to a credit report to a credit report to boost a score or add a tradeline.

For example, you borrow $2,000 for a family member and you buy them back in a year, can that be added as a tradeline and what docs would you need?

Can I ad a personal loan from a friend to my credit report?

According to my friend that works for Transunion, yes you can.

You will need to supply a notarized letter detailing the opening and closing dates of the loan, the amount borrowed, time borrowed and payment history.

There will be no pay history shown only the opening date, closing date and the amount borrowed. It will show as closed with a $0 balance.

Can I ad a personal loan from a friend to my credit report?

No. Not a reporting institution

Because an insurance company is a reporting agency; and for better or worse, buy here pay here companies operate under state financial guidelined and are incorporated; and reporting sources.

Can I ad a personal loan from a friend to my credit report?

No you can't, only registered agents like lenders, banks, utilities etc are allowed to do that. Sorry.

Can I ad a personal loan from a friend to my credit report?

Ok, I think you might win this bet. Have you ever heard of Circle Lending?

http://www.circlelending.com/

This is a lender that sets up private loans between family member, freinds, etc.

The payments I know are reported to a credit bureau called PRBC

http://prbc.com/main/about.php

Can I ad a personal loan from a friend to my credit report?

Sometimes brokers create non-traditional credit for borrowers with no credit, but it is just temporarilty placed on their credit report. We would send in the information to the credit bureau, they would verify it, and then they would send back the updated credit report with the information. The information would not help get or increase a credit score, it is just used so that a minimum of three current tradelines can be established. You can't use non-traditional credit to replace bad credit, meaning if you have credit and it is all delinquent, you can't substitute it for the non-traditional credit.