I’m hoping for some guidance on whether or not an Ag or Business purpose loan in the name of an individual should be reported to the borrower’s consumer credit report. Does the fact that the individual is liable for the debt make it reportable to the consumer bureaus? Or does the loan purpose dictate whether or not the debt is reported?

I've reached out to CDIA for feedback but am hoping to get the thoughts from others as well.

Thanks

You can report or not report. There is no Federal requirement that you report any loans. If you report one however, you have to report them all.

We report to the credit bureau on all consumer loans, and we report on guarantors on one of our commercial products - the account agreement states that we do report on this product. We'd like to discontinue reporting on those guarantors. To stop this reporting, other than changing our agreement, do we need to send notice to the existing guarantors that we are stopping? (The thought was that it has helped the credit scores of the guarantors in the past, so by discontinuing there may be a negative impact to their credit score.)