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Latest Blog & Articles
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How Should Late Payments Be Reported, and How Long Do They Stay on a Credit Report?
Late payments are one of the most common negative items on credit reports, and they can significantly impact a consumer’s credit score and borrowing ability. Reporting late payments accurately and consistently is crucial for ensuring compliance with the Fair Credit Reporting Act (FCRA) and for maintaining the integrity of the credit reporting system. Understanding Late…
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How Should a Credit Line Increase or Decrease Be Reported?
A credit line increase or decrease occurs when a lender adjusts the total available credit on a revolving account, such as a credit card or home equity line of credit (HELOC). Properly reporting these changes is crucial to ensure compliance with the Fair Credit Reporting Act (FCRA) and to maintain accurate and transparent consumer credit…
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What Are the Proper Reporting Procedures for Accounts Transferred to Another Lender?
When a lender transfers an account to another financial institution, it is crucial to report the transaction accurately to avoid errors on a consumer’s credit report. Proper handling of transferred accounts ensures compliance with the Fair Credit Reporting Act (FCRA) and helps maintain a consumer’s accurate credit history. Understanding Account Transfers An account transfer occurs…
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