Skip to content
 

Reg B Furnishing of Credit Information

Answered by: 
Jim Bedsole

Question: 
Does the requirement in Regulation B, 1002.10, regarding furnishing of credit information that requires reporting to the credit bureaus of spouses that are authorized users of credit cards still valid or has it been superseded? Is a standard practice? When I was asked this question if we had to report on an authorized user I thought no way as they are not responsible for the debt so why would we report and how would it help them establish credit. Please advise.
Answer: 

To my knowledge, it is still valid and has not been superseded. If you are reporting to credit bureaus on consumer credit cards, you must report for spouses that are authorized users for the account. You do not have to clarify in the reporting whether the spouse is just an authorized user or is contractually responsible. At your option you could report same for other non-spouse authorized users. Also, at your option, you could choose to not report on consumer credit cards.

First published on 03/30/2015

Filed under: 
Lending
Filed under lending as: 
FCRA
Reg. B

Report a problem with this page

Search Topics