We are not aware of any laws or regulations that require a creditor to report any loan information to a credit reporting agency. However, if your bank’s policies call for making such reports in connection with consumer credit (which is likely), we recommend focusing on the purpose of a loan made to a sole proprietor. Your question indicates that you know this loan is being made for a “consumer” purpose (generally meaning that the proceeds of the loan will be used for “personal, family or household purposes”).  If that is the case, and assuming your bank’s policies provide for the reporting of information on consumer credit, you should proceed to report this loan to the bureau(s) that you use.

For resources related to our guidance, please see:

• 15 U.S.C. § 1681a(c) (“The term ‘consumer’ means an individual.”)

• 12 CFR 1022.42 (“Each furnisher must establish and implement reasonable written policies and procedures regarding the accuracy and integrity of the information relating to consumers that it furnishes to a consumer reporting agency.”)