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How Should Accounts That Have Been Sold to Another Company Be Reported When the Purchaser Will Convert the Seller’s Previous Account History to Their System?
When a creditor sells an account to another entity, and the purchasing company intends to convert and report the prior account history, it is essential that the transaction is reported accurately and transparently. This situation is different from a simple transfer or account closure, as it involves both a change in ownership and the continuation…
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How Should Accounts That Have Been Transferred Be Reported?
An account is considered transferred when a lender or servicer moves the account—typically a loan—from one institution to another. This may occur due to loan servicing changes, mergers, sales of loan portfolios, or third-party servicing agreements. Proper reporting is essential to ensure that consumers’ credit reports reflect an accurate, uninterrupted history of the obligation and…
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How Should Accounts in Forbearance Be Reported?
Forbearance is a temporary arrangement where a lender agrees to reduce or suspend a borrower’s required payments for a set period due to financial hardship. It is not a forgiveness of debt—payments are merely delayed or reduced. As with deferment, proper reporting of accounts in forbearance is essential for ensuring transparency, fairness, and compliance with…
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