Reporting to Credit Bureaus

[Brittany P.]

Another question for you pros: we currently manage a small portfolio of CFDs on land parcels and a couple of private loans. We service everything ourselves (because we're cheap right now--please don't judge us too harshly). Is there an issue with getting set up with one or more of the credit bureaus and starting to report on our borrowers? Is anyone aware of legal issues with this? Especially considering that the seller we bought the CFDs from did not report on the borrowers. Are there restrictions on credit reporting for CFDs versus mortgages/DOTs. If there aren't issues with this and it wouldn't be too much extra work, I'm really just looking for an additional tool to incentivize our borrowers/purchasers to keep paying timely each month. Hoping the experts can chime in here--thanks, all!