We have never reported to a credit bureau in the past and are planning to do so. I have a few questions regarding the process:

1) Do we notify consumers who already have loans with us that we will be reporting to an agency? If so, how many days advance notice do we give? 30 Days? 60?

2) When they are past due, will the model verbiage on past due notices suffice?

3) I think I read somewhere that we can report on someone that is a guarantor on a commercial loan. Is this true?

Thanks in advance for your help.

1. No requirement for notification, you can do it on your past due notices.

2. See #1

3. You can report what ever you want as long as you can do it through proper coding through the credit bureau that you are using and the information is accurate. Most banks do not report commercial loans. There are a lot of issues, partial guarantees, etc.

I really appreciate the help! Thank you!