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#183001 - 04/22/04 08:51 PM Credit bureau reporting
Peepers Offline
10K Club
Joined: Jul 2002
Posts: 13,994
What are the requirements (if any) with regards to reporting credit bureau information for authorized signers on loans to businesses?

Should we report to the credit bureaus information on someone only if they are guaranteeing the loan?

We have numerous LLC loans in which there is an authorized signer. Most have sole owners.

We use Fiserv as our core processor. They report to the bureaus first on the primary TIN (the business) then on any secondary TINs (the authorized signer).

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General Discussion
#183002 - 04/22/04 09:22 PM Re: Credit bureau reporting
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,616
SC
I don't know about the requirments but I do know that Equifax strips off all loans to business entities, including the comakers, guarantors, signers, etc. even if you send them. TransUnion strips the business name but reports the guarantors, comakers, etc. Experian hasn't responded to our inquiry yet.
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#183003 - 04/22/04 11:10 PM Re: Credit bureau reporting
Anonymous
Unregistered

I just learned that we do not report commercial loans to the credit bureau. Is this a common banking practice?

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#183004 - 04/23/04 12:57 PM Re: Credit bureau reporting
renniks Offline
Diamond Poster
renniks
Joined: Sep 2003
Posts: 2,162
New England
I think it is very common. I have never worked for a bank that did report them.

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