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#1755162 - 11/05/12 08:20 PM Credit Reporting
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
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One of our loan officers asked if it was a regulatory requirement that we perform credit reporting to a third-party (e.g., Transunion). My first instinct was 'no', there is not a requirement that we report. However, I just wanted to double-check.

My gut tells me that if our policy states that we do report, then we should report (on all customers consistently).
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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Lending Compliance
#1755172 - 11/05/12 08:37 PM Re: Credit Reporting Doug Hendrickson
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
It is not a requirement that banks report to the CRAs; however if your policy says you do then you should. And if you report you report everybody - you can't selectively remove borrowers from reporting - just as you suspected.
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#1755184 - 11/05/12 08:51 PM Re: Credit Reporting Doug Hendrickson
Rocky P Online
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Florida
If a bank reports, is it customary to select one or two, or to report to all 3 bureaus?

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