Post reply

Timeshares on credit report? (by Carvan A.):

"I have pulled my credit report a few times in the last month, and my timeshare payments is nowhere on it. When I purchased it, they told me I would be gaining equity and all the benefits of purchasing a timeshare.

Does anyone know why this wouldn't be on my credit report? Is anyone's timeshare on their credit report? "

Your comment concerning "gaining equity" suggests you financed the timeshare purchase. Most timeshares are worth maybe twenty to thirty per cent of the purchase price the day you close the deal. Many even less! In all probability you were "under water" from day one depending on the amount of your down payment. The recordation of your payment history on your credit report has nothing to do with "gaining equity". The salesman lied to you.

The reporting of timeshare mortgage payments is not required by the Fair Credit Report Act (15 USC sec 1681) and most timeshare mortgagees do not report the payment history. What is required is that any report be complete. That is, the creditor must report both positive as well as negative information. Most don't care to bother with this requirement and therefore report nothing. Certainly a rogue company might report only the negative information but this should be reported to the FTC, the Federal agency charged with enforcing the FCRA.