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What Are the Available Options for Reporting an Account That Has Regular Payments Temporarily Postponed?
When a lender agrees to temporarily postpone a consumer’s regular payments, whether due to hardship, disaster, or a payment assistance program, the account must be reported with care to ensure the information is clear, accurate, and fully compliant with the Fair Credit Reporting Act (FCRA). Postponed payments are not delinquencies if the postponement is authorized,…
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How Should Prepaid Credit Cards and Gift Cards Be Reported?
Prepaid credit cards and gift cards are not considered traditional lines of credit and, in most cases, should not be reported to consumer reporting agencies (CRAs). Unlike credit cards or installment loans, prepaid products do not involve borrowing and therefore don’t impact a consumer’s credit history in the same way. Let’s break down why this…
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How Long Should Paid Accounts (Account Status Codes 13, 61–65) Continue to Be Reported?
Paid accounts are closed trade lines that have been fully settled and no longer carry an outstanding balance. While the financial obligation has ended, reporting them correctly—and for the appropriate amount of time—is essential for accurate consumer credit history and FCRA compliance. Understanding Account Status Codes 13, 61–65 Each of these codes designates a specific…
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