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How Should Accounts That Have Been Transferred Be Reported?
When an account is transferred from one lender to another—often due to the sale of a loan or a change in servicing—it is crucial that both lenders report the change accurately to maintain compliance with the Fair Credit Reporting Act (FCRA). Properly reporting transferred accounts ensures that the consumer’s credit history remains accurate and reflects…
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How Should Accounts in Forbearance Be Reported?
Forbearance is a temporary postponement or reduction of payments granted to a borrower facing financial hardship. It is commonly used for loans like mortgages, student loans, or auto loans. Reporting accounts accurately during forbearance is crucial for compliance with the Fair Credit Reporting Act (FCRA) and to ensure that the consumer’s credit report reflects their…
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How Should an Account Be Reported When a Consumer Voluntarily Surrenders or Redeems Merchandise in Bankruptcy?
What is the correct way to report an account when a consumer voluntarily surrenders or redeems merchandise during bankruptcy proceedings? Answer: When a consumer files for bankruptcy, they may choose to voluntarily surrender or redeem merchandise, particularly in cases involving secured loans like auto loans or mortgages. Properly reporting this to credit bureaus is essential…
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