"Entitled" to Have Loan Reported?

Posted By: SJB

"Entitled" to Have Loan Reported? - 09/26/02 03:15 PM

We have a customer complaining because his construction loans that have been paid off are not showing up on his credit report - at all. Plus, the loans were to a LLC but customer individualy guaranteed them and he wants them reported in his individual name as well. He claims he is "entitled" to have them reported. Due to system glitches none of our construction loans are being reported so it is not like we have singled him out.

This is a new one for me (like so much of compliance) - anyone else run into this?
Posted By: rlcarey

Re: "Entitled" to Have Loan Reported? - 09/26/02 03:26 PM

While banks have been "encouraged" to report consumer related transactions to credit bureaus, there is no requirement to do so. Especially on a commercial credit.