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How Do I Report a Loan That Has Been Modified?
A loan modification occurs when the creditor and borrower agree to alter the original terms of the loan, often due to financial hardship or a restructuring program. Common modifications include lowering the interest rate, extending the repayment term, or reducing the monthly payment. Because these changes impact the consumer’s repayment obligations, they must be reported…
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How Do I Report an Account That Has Been Settled in Bankruptcy?
When a consumer files for bankruptcy, certain accounts may be either discharged (legally forgiven) or settled through a bankruptcy plan. Reporting these accounts requires care to ensure accuracy, transparency, and compliance with the Fair Credit Reporting Act (FCRA). Inaccurate reporting of bankruptcy accounts is a common source of consumer disputes and regulatory scrutiny. Types of…
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How Do I Report an Account When the Borrower Is Deceased?
When a borrower passes away, their credit file must be updated promptly and accurately to prevent identity theft, reduce the risk of fraudulent account activity, and ensure the account status is reported correctly for legal and financial purposes. The FCRA and Metro 2® guidelines provide specific requirements for how to handle deceased borrowers. Why Accurate…
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