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What Are the Best Practices for Reporting Student Loan Accounts?
Student loans are a major part of consumer credit and require careful reporting to ensure accuracy, transparency, and compliance with the Fair Credit Reporting Act (FCRA). Proper reporting of student loans helps consumers build credit, provides clarity to lenders, and ensures that loan repayment histories are accurately reflected in credit reports. Understanding Student Loan Reporting…
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How Should Medical Debt Be Reported Under the New Credit Reporting Guidelines?
Medical debt has long been a controversial topic in credit reporting, as unexpected medical expenses can create financial burdens for consumers. Recent changes in credit reporting guidelines have significantly altered how medical debt is reported, ensuring greater protections for consumers. To comply with the Fair Credit Reporting Act (FCRA) and updated industry standards, data furnishers…
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What Happens When an Account Is Reported as “Closed by Credit Grantor”?
When an account is reported as “Closed by Credit Grantor,” it means that the lender, not the consumer, initiated the closure of the account. This status can raise questions for both consumers and lenders, as it may signal potential credit risk or simply reflect a lender’s internal business decision. Properly reporting this account closure status…
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