We currently do not report any of our comm'l or ag loans to a credit bureau. We have an agricultural customer with multiple loans seriously past due. The lender wants to know if we are allowed to report that one customer's derogatory credit information to the credit bureau. I don't know where to find that information. Any help would be appreciated.
Posted By: Andy_Z
Re: Reporting derog. credit - 03/03/04 08:36 PM
My concern is how you will report it, manually? Would it be overwritten the next time you report on tape and how will you keep the record up to date if it is not?
I have not seen any requirement that you report all loans if you report any of that type, but it may be in your credit vendor contract.
If you selected certain loans and the effects test indicated these were minorities, you may have a discrimination issue.
Bottom line, I don't THE answer, except to proceed with caution.
Andy, Thanks alot for the reply. We are reconsidering it now. While it is something we really wanted to do, keeping up with this manually each month, or when the customer makes a payment, leaves too much room for error/incorrect reporting. Thanks for the help.