Credit Bureau Reporting requirements

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    What rules regulate what you report to credit reporting agencies? If you currently report certain loan types to the credit bureau, is there a restriction on which loans you report or don’t report? I have looked at the FCRA and the FACT act, but I haven’t seen anything that addresses this issue. I know if you service FM loans you must report the FM loans to three different bureaus. My main question is, if we have two borrowers on one loan, is it a violation to report the primary borrower, but not report the co-borrower (not cosigner)? Everything I have read says if you report a certain type of loan, i.e. mortgage loans, you must report all mortgage loans. Is this correct? Please advise me where to look.


    I don’t know of any regulatory requirements that state what you must report.Look at your contract with the credit bureaus to see if it provides for any requirements. And like you mentioned, if your agreement with FM or others have requirements then you should follow those. Consistency is important, so you should report all loans of the type that you report and you should report both borrower and co-borrower information to avoid unequal treatment.

    Here’s a similar question that you might find useful:


    Credit reporting is optional. The Fair Credit Reporting Act does not require you to report any loan, but establishes rules for reporting, if you decide to report a particular loan.

    The Equal Credit Opportunity Act requires credit history that may be reported to reflect the participation of both spouses if the applicant’s spouse is permitted to use or is contractually liable on the account.

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