Loan on credit file

george9071

Hello,
My sister recently took out a loan with George Banco, it has been 2 months and still hasn't showed up on her credit file, her question is what CRA's do George Banco loans report to? She has been hoping it will start helping rebuild her credit. Any answers are muchly appreciated.

Willing2Learn

The loan should appear on the credit file of both the borrower and guarantor.  They will send an update to the CRAs monthly.  All three credit files will need to be checked.  The account will show on at least one of them.

george9071

Willing2Learn said:

The loan should appear on the credit file of both the borrower and guarantor.  They will send an update to the CRAs monthly.  All three credit files will need to be checked.  The account will show on at least one of them.

Thank you, she just wasn't sure i am about to message her now to get the reports from all three, one last question as she has had loans from amigo and George Banco recently both with the same guarantor does she become financially associated with that person?  

Willing2Learn

I do not believe that the either of the two loans will create a financial association.  If the borrower fails to make a payment, then the firm will try to get an alternate payment from the borrower or by coming to an arrangement.  If the borrower continues to miss payments, then the firm will request payment from the guarantor.

Speaking generally, a guarantor loan is a good way to end a relationship with a friend or family.

george9071

Willing2Learn said:

I do not believe that the either of the two loans will create a financial association.  If the borrower fails to make a payment, then the firm will try to get an alternate payment from the borrower or by coming to an arrangement.  If the borrower continues to miss payments, then the firm will request payment from the guarantor.

Speaking generally, a guarantor loan is a good way to end a relationship with a friend or family.

thanks for your help, I agree i wouldn't be a guarantor or ask anyone to be a guarantor on my behalf.