The way 609(g)(1) regarding disclosure of credit scores to consumers reads has raised a question for me. Specifically, does this disclosure have to be made if the loan applied for has a business purpose rather than a "consumer purpose."

The language is clear about applying to open-end loans for a consumer purpose, but the grammar of the sentence makes it difficult for me to determine if that also applies to closed end loans.

We have situations where individuals apply for business credit and credit reports are pulled on them because they are sole proprietors or otherwise are obligated on the debt. The debt may be secured by 1-4 unit residential property. Do these customer need to receive credit scores under this rule?

Thanks

IN GENERAL — Any person who makes or arranges loans and who uses a consumer credit score, as defined in subsection (f), in connection with an application initiated or sought by a consumer for a closed end loan or the establishment of an open end loan for a consumer purpose that is secured by 1 to 4 units of residential real property (hereafter in this subsection referred to as the 'lender') shall provide the following to the consumer as soon as reasonably practicable:

Business purpose loans are exempt.

Thanks.

If you have a business purpose loan with credit reports on the individuals, can you share their FICO score with them, or is this driven by our contract with the credit reporting agency?