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How Do I Report a Loan That Has Been Paid in Full Before the Scheduled Maturity Date?
When a borrower pays off a loan in full before its scheduled maturity date, it is considered an early payoff or loan prepayment. This is typically a positive event for the consumer, but it must be reported accurately to ensure credit reports reflect the true status of the account. The Fair Credit Reporting Act (FCRA)…
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How Do I Report a Charged-Off Account When the Borrower Is Still Making Payments?
When an account is charged off, it means the creditor has deemed the debt unlikely to be collected and has written it off as a loss for accounting purposes. However, this does not eliminate the borrower’s responsibility, and in many cases, consumers continue making payments voluntarily or as part of a settlement or repayment agreement.…
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How Do I Report an Account That Has Been Transferred to Another Lender?
When an account is transferred from one lender to another, proper credit reporting is essential to maintain the accuracy and integrity of the consumer’s credit history. The Fair Credit Reporting Act (FCRA) requires that all furnished data be complete, accurate, and not misleading, particularly when a debt obligation changes hands between creditors. Understanding Account Transfers…
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