Time Share

Hi MelMel,

Creditors are required by the Fair Credit Reporting Act to provide accurate information to the reporting agencies. However, that depends on your contract with them. Did they consider you actually paying 1/4 (or whatever time period the timeshare consisted of) of the trust deed, and so you became a 25% owner of a specific piece of real estate? Or was it considered a service fee to provide you with accommodations in any one of their properties for a certain number of days per year? I just checked their website and it says that they sell "Vacation Intervals", so the second scenario seems to be the correct one. Therefore, it is not a mortgage. I do not believe that they can report a what is basically a financed fee (unsecured) for granting of access, as a mortgage - which is a loan secured upon physical property of which deed is in your name. Their Yearly Report to the investors (Form 10K 2007) says: "We do not ... offer securities in exchange for properties." You may wish to double-check your Loan Agreement.

The 10 days is the grace period, after which a late fee will be applied to the balance. So even though it won't be reported as 30 days late, the late fees applied may be reported as such.

Hope this helps,

chrys

So I guess it's best if I just leave it alone? I thought that after paying this for 5 years it would help my credit when I tried to buy a house since it's a mortgage loan.