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How Should Alternatives to Foreclosure (e.g., Deed in Lieu and Short Sale) Be Reported?
When a consumer opts for an alternative to foreclosure, such as a Deed in Lieu of Foreclosure or a Short Sale, it is essential to report these transactions accurately. Proper reporting ensures compliance with the Fair Credit Reporting Act (FCRA) and provides transparency in the consumer’s credit report. These alternatives, while still negative events, often…
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How Should the Different Stages of Foreclosure Be Reported?
Foreclosure is a complex process involving multiple stages, each of which must be accurately reported to credit bureaus. Proper reporting during foreclosure is essential to ensure compliance with the Fair Credit Reporting Act (FCRA) and to provide clarity for consumers and lenders. Accurate reporting helps protect the consumer’s rights while maintaining the integrity of the…
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How Should Timeshare Mortgages and Timeshare Loans Be Reported?
Timeshare mortgages and timeshare loans are unique credit arrangements that require special attention when being reported to credit bureaus. These types of accounts often involve installment payments over a set period, and accurate reporting is essential to ensure compliance with the Fair Credit Reporting Act (FCRA). Proper handling of these accounts helps maintain the integrity…
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