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Latest Blog & Articles
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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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How Should Accounts with a Co-Signer Be Reported?
A co-signed account is one in which two parties share legal responsibility for a debt. The primary borrower is the person responsible for making payments, while the co-signer guarantees the debt and agrees to cover payments if the primary borrower fails to do so. Properly reporting co-signed accounts is essential to ensure compliance with the…
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