If your customer wishes, you may report to the credit bureau(s). I know I’ve been in situations where the borrower actually did want their payment history to be reported. We issued a Notice of Negative Information and also got something from the borrower with them stating their specific request.
Is there a requirement that the bank report business purpose loans that are in the borrower’s name with d/b/a (John Doe D/B/A John’s Car Wash)? Or, to report Jane Doe’s loan that is in her name only but the purpose is business (business – purchase supplies)? In either case, does it matter if the borrower is using a SSN v. EIN? We do not report commercial loans in entity names (corporations, partnerships, LLCs, etc.) to the credit bureau. Thanks in advance for your help!