[gburton]

ON COMMERCIAL LOANS ARE YOU REQUIRED TO REPORT GUARANTORS TO THE CREDIT BUREAUS?

Topic

[JGo9]

There are no regulatory requirements that I’m aware of that would require you to report on the Guarantors.

[gburton]

WHAT ABOUT SOMEONE WHO HAS SIGNED INDIVIDUALLY ON COMMERCIAL LOAN ?

[JGo9]

Same answer. There is nothing that would require the Bank to have to report.

[Anonymous]

If your customer wishes, you may report to the credit bureau(s). I know I’ve been in situations where the borrower actually did want their payment history to be reported. We issued a Notice of Negative Information and also got something from the borrower with them stating their specific request.

[Vicki Kramer]

New question regarding Credit Reporting.

Is there a requirement that the bank report business purpose loans that are in the borrower’s name with d/b/a (John Doe D/B/A John’s Car Wash)? Or, to report Jane Doe’s loan that is in her name only but the purpose is business (business – purchase supplies)? In either case, does it matter if the borrower is using a SSN v. EIN? We do not report commercial loans in entity names (corporations, partnerships, LLCs, etc.) to the credit bureau. Thanks in advance for your help!

[Author]

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