Showing up on your credit report?

[Brave teacher]

I have a question. I have discussed this with my guide as we are considering purchasing points at AKV. I don't remember where I read this, so please don't ask.

I know Disney checks your credit to determine whether you get the regular financing rate or the preferred. My guide then told me that it was a loan that Disney does not report to the credit agencies. Is this true? I thought it was kind of strange, and my DH is calling BS here.

My question is this. For those of you who financed through Disney, was it reported to the credit agencies, and did it show up on your credit report?

I hope this doesn't sound too stupid?

 

[Laxmom]

I have no experience with this but I have read over and over that it does not show up on your credit report.

 

[WilsonFlyer]

Even though it is a real estate transaction, it is very unique in that Disney is in absolute complete control over the loan and the assets. There's no reason for them to report anything since they have no problem recovering any asset in default.

In turn, for not reporting, it doesn't tie up the debt as revolving or mortgage debt for you as a consumer.

The concept is sorta unique to DVC but it works well for both the consumer and Disney.

(I was a banker in another life)

 

[luvindisneyworld]

They do pull your credit and thats all.
They do not report to the credit bureaus so it does not show up on your credit. We have been members for over 6 years now and it has never ever showed up on any of them.

So tell your DH that Disney is not BSing you

 

[kritter]

What is the rgular or the preferred financiang????!!!!

 

[Brave teacher]

Thank you all so much for confirming what my guide told me. I thought I was going nuts.

My laywer sister is sitting next to me calling BS as well.

 

[ClarabelleCowFan]

What is the rgular or the preferred financiang????!!!!

Standard financing is 14.75% and Preferred is 10.75% - these are based on a direct draft from your bank account as your loan payment each month.

DH qualified for Preferred and I qualified for Standard but his overrode mine so we got Preferred financing.

 

[luvindisneyworld]

Thank you all so much for confirming what my guide told me. I thought I was going nuts.

My laywer sister is sitting next to me calling BS as well.

No BS Sister it really is true

 

[disneynutz]

I have a question. I have discussed this with my guide as we are considering purchasing points at AKV. I don't remember where I read this, so please don't ask.

I know Disney checks your credit to determine whether you get the regular financing rate or the preferred. My guide then told me that it was a loan that Disney does not report to the credit agencies. Is this true? I thought it was kind of strange, and my DH is calling BS here.

My question is this. For those of you who financed through Disney, was it reported to the credit agencies, and did it show up on your credit report?

I hope this doesn't sound too stupid?

Not only doesn't the loan show up on your credit report, there is no record of them checking our credit.

 

[Cruelladeville]

Disney does send reports in to the credit reporting agencies if you don't remain current on your payments for your contract. Otherwise, they are never mentioned anywhere on your credit.

 

[disneylvrnMS]

My report does reflect them checking my credit but the loan does not show up on my report.

 

[luvindisneyworld]

My report does reflect them checking my credit but the loan does not show up on my report.

Thats how ours was the first contract we bought.But for the add on they did not pull our credit.

 

[PrincessDadx2]

Credit bureaus are private companies. All credit reporting is at the option of the creditor. This sometimes hurts people without credit cards, etc. because few rental companies, utility companies, etc. report so it is harder to build credit. Disney chooses not to report.

 

[StotheK]

I knew they didn't report in general (a lot of store cards are like that, so it's not very helpful for people trying to build credit.) I was never sure if they reported if you defaulted on the loan or not. I think with some of the economic downturn going on, people may start thinking twice about leisure expenses. And if those people were upside down on the DVC loan, I wonder if we'll see more people trying to walk away from their DVC contracts.

Disney does send reports in to the credit reporting agencies if you don't remain current on your payments for your contract. Otherwise, they are never mentioned anywhere on your credit.

 

[kfalsey]

if you are applying for a home loan and they see the same payment being taken out, which they do ask for 2-3 months checking account statements, each month for the same amount, they will question that debt or withdrawl.

 

[MrDiamond]

I knew they didn't report in general (a lot of store cards are like that, so it's not very helpful for people trying to build credit.) I was never sure if they reported if you defaulted on the loan or not. I think with some of the economic downturn going on, people may start thinking twice about leisure expenses. And if those people were upside down on the DVC loan, I wonder if we'll see more people trying to walk away from their DVC contracts.

Firstly, unless this changed very recently, they do not report if you default on your loan. I believe the standard protocol is if you do not report for paying on time, you typically do not report for being late either. Not really fair to possibly get dinged, but no chance for good marks either.

If people did start defaulting, Disney would merely foreclose on the property and you would lose any equity. They would encourge you to file a Quit Claim Deed and ownership would revert to Disney, without having to foreclose.

 

[StotheK]

I suppose that's good to know, depressing to think about but interesting information none the less.

My first car loan was with some shady we finance anyone place, and they were quite famous for not reporting on time payment but reporting late payments. I guess it helped them with return business since they preyed on folks with bad or no credit.

Firstly, unless this changed very recently, they do not report if you default on your loan. I believe the standard protocol is if you do not report for paying on time, you typically do not report for being late either. Not really fair to possibly get dinged, but no chance for good marks either.

If people did start defaulting, Disney would merely foreclose on the property and you would lose any equity. They would encourge you to file a Quit Claim Deed and ownership would revert to Disney, without having to foreclose.

 

[pilferk]

I have a question. I have discussed this with my guide as we are considering purchasing points at AKV. I don't remember where I read this, so please don't ask.

I know Disney checks your credit to determine whether you get the regular financing rate or the preferred. My guide then told me that it was a loan that Disney does not report to the credit agencies. Is this true? I thought it was kind of strange, and my DH is calling BS here.

My question is this. For those of you who financed through Disney, was it reported to the credit agencies, and did it show up on your credit report?

I hope this doesn't sound too stupid?

We financed back around this time last year, and JUST paid it off, in full.

It's never shown up on either my or DW's credit report.