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How Should I Report an Account with Zero Balance and No Activity for Months?
Question: What is the appropriate method for reporting an account that has a zero balance and has shown no activity for an extended period, and how does this comply with the Fair Credit Reporting Act (FCRA)? Answer: An account with a zero balance and no recent activity may still play an important role in a…
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How Do I Report a Charged-Off Account That Has Been Paid?
Question: What is the correct procedure for reporting a charged-off account that has been subsequently paid by the consumer, and how does this affect compliance with the Fair Credit Reporting Act (FCRA)? Answer: A charged-off account represents a debt that the creditor considers unlikely to be collected and has written off as a loss for…
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How Do I Report an Account That Has Been Transferred to Another Lender?
Question: What are the correct procedures for reporting an account that has been transferred to another lender, and how does this ensure compliance with the Fair Credit Reporting Act (FCRA)? Answer: When an account is transferred from one lender to another, it’s critical that the change is reported in a way that reflects both the…
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