Regarding the necessity of reporting consumer loan guarantors to the credit bureaus -

Is this a common practice among banks?
Is it required?

Thanks.

I don't think it is common practice to report guarantors to the CRAs but I can only speak for us and we do not.

There is no requirement, unless it's a contractual requirement with your CRA, to report any account.

Ditto Dan's comments. We weren't set up to report them. Any reports would have been manually generated. And there is no "requirement" to report to a CRA at all, only that what you do report, is accurate.

Ditto Dan's comments. We weren't set up to report them. Any reports would have been manually generated. And there is no "requirement" to report to a CRA at all, only that what you do report, is accurate.

Thanks for the feedback.

beegee