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#2152490 - 11/07/17 03:22 PM types of loans reported to credit reporting agency
Jackie E. Offline
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Joined: Jul 2017
Posts: 13
I am looking to see if other financial institutions report to the credit bureaus commercial loans to individuals.

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#2152503 - 11/07/17 04:24 PM Re: types of loans reported to credit reporting agency Jackie E.
crcmnot Offline
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Joined: Sep 2016
Posts: 345
We do not except for SBA loans where the individuals are guarantors; then we do report.

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#2152506 - 11/07/17 04:52 PM Re: types of loans reported to credit reporting agency Jackie E.
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
20. Question: How should a business account be reported when a consumer is personally liable? Answer:

• Report the consumer’s information in the Base Segment with ECOA Code 2 (Joint/Contractual Liability) or 5 (Co-maker or Guarantor) in Field 37, as applicable.
• Report the business name in the J2 Segment starting in the Surname field (Field 3). The business name may continue into the First and Middle Name fields if needed.
• Report ECOA Code W (Business/Commercial) in Field 10 of the J2 Segment. Note: The business name will not be added to the consumer credit databases.

As far as the proper way to report SBA loans:

https://www.sba.gov/sites/default/files/lender_notices/5000-1330.pdf
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2152515 - 11/07/17 05:12 PM Re: types of loans reported to credit reporting agency rlcarey
Jackie E. Offline
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Joined: Jul 2017
Posts: 13
Could you share the source for Question 20?

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#2152516 - 11/07/17 05:14 PM Re: types of loans reported to credit reporting agency Jackie E.
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,637
Galveston, TX
Credit Reporting Resource Guide, which should be available from your credit reporting representative.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2152519 - 11/07/17 05:23 PM Re: types of loans reported to credit reporting agency rlcarey
Jackie E. Offline
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Joined: Jul 2017
Posts: 13
Thank you!!

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