Timeshares on credit report?

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?

Thanks!

heatherh234 wrote:

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?

Thanks!

Unfortunately, the salesperson will tell you anything to get you to buy. You gain no equity. If you bought your TS from the developer, it is probably worth anywhere from0-15% of the original purchase price.

As for the credit report, the only thing you might have to worry about is if you don't pay your maintenance fees or mortgage, they'll maybe report you and it will likely affect your credit rating.

But why wouldn't it be on there? They have all my information, social and stuff, usually things like that report on a credit report.

At this point I'm half tempted to default on the mortgage just to get it to show up on my report.

You are correct. I have stopped paying maint. fees to Diamond Resorts, because I traded it in when I purchase another timeshare unit. This did not make D. Resorts happy and they have hurt my credit score and labeled me as a serious delinquency. So what. I don't have any debt and don't plan on mortgages in the future or borrowing for a car. Just be aware that they can try to hurt you in this way.

heatherh234 wrote:

But why wouldn't it be on there? They have all my information, social and stuff, usually things like that report on a credit report.

At this point I'm half tempted to default on the mortgage just to get it to show up on my report.

Why would you want to take the chance of ruining your credit score?

like I said before, I'm out of debt. Credit scores are for those who borrow. I don't plan on future borrowing so it shouldn't greatly affect me.

heatherh234 wrote:

But why wouldn't it be on there? They have all my information, social and stuff, usually things like that report on a credit report.

At this point I'm half tempted to default on the mortgage just to get it to show up on my report.

I was referring to the poster above.

Even if it were to hurt my credit score, it wouldn't hurt it to the point of my not being able to get loans when needed. I just want it on my credit report, where it should be.

"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.

Yes, I think that is right, I agree with what you said is really very useful to me a lot of knowledge

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Quick question--if a timeshare has not been reporting both positive and negative information with regards to MF payments, it is against the law for them to threaten you with reporting the negative information to the credit agencies, even if they have no intention of actually reporting it?

carvana wrote:

"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.

They have the right to threaten you with legal action. It's their choice to follow up with it or not.

donp196 wrote:

They have the right to threaten you with legal action. It's their choice to follow up with it or not.

I understand about legal action, but is reporting negative information to a credit bureau actually "legal action"? Isn't legal action foreclosure, or judgements? I'm not sure that threatening to negatively impact your credit report when they know they cannot could be classified as legal action.

Any creditor has the right to report delinquent payments to the credit bureaus. You have the right to dispute inacurate information. It's a civil matter.

Collectors can't threaten to sue or file charges against you, garnish wages, take property, cause job loss, or ruin your credit when the collector cannot or does not intend to take the action. [15 USC 1692e] § 807(5) (FDCPA)

A creditor has the right to institute legal action to collect a valid debt but Federal Law prohibits threats with no intent to follow through.

Thank you--that makes sense. So basically, if the resort has not been reporting on-time MF payments made (which they haven't), they cannot now report non-payment of those maintenance fees, nor can they tell me they are going to impact my credit negatively. Because I have a letter from them saying just that.

carvana wrote:

Collectors can't threaten to sue or file charges against you, garnish wages, take property, cause job loss, or ruin your credit when the collector cannot or does not intend to take the action. [15 USC 1692e] § 807(5) (FDCPA)

A creditor has the right to institute legal action to collect a valid debt but Federal Law prohibits threats with no intent to follow through.

Just curious has anyone ever not paid their maintenance fees on a TS that is already paid for? If so, what happened? THanks

That's the situation I'm in--our TS has been paid off for years and we stopped paying the maintenance fees. It appears that based on the Fair Credit Reporting Act, if the TS has not been reporting on-time MF payments to the credit bureaus, they cannot now start reporting non-payment of MF.

josephinec40 wrote:

That's the situation I'm in--our TS has been paid off for years and we stopped paying the maintenance fees. It appears that based on the Fair Credit Reporting Act, if the TS has not been reporting on-time MF payments to the credit bureaus, they cannot now start reporting non-payment of MF.

It depends on the HOA or management of a resort whether or not they ding credit scores for non-payment of maintenance fees, however I would think the majority would report such non payments since maintenance fees are the bread and butter that holds a resort together and it's part and parcel of buying any timeshare. If everyone merely decided to stop paying maintenance fees then the resort would dissolve from within.

If I were thinking of stopping paying maintenance fees I would contact the resort for any repercussions that might occur, especially if you value your credit score.