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How Do I Report a Charged-Off Account That Has Been Paid?
Question: What is the correct procedure for reporting a charged-off account that has been subsequently paid by the consumer, and how does this affect compliance with the Fair Credit Reporting Act (FCRA)? Answer: A charged-off account represents a debt that the creditor considers unlikely to be collected and has written off as a loss for…
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How Do I Report an Account That Has Been Transferred to Another Lender?
Question: What are the correct procedures for reporting an account that has been transferred to another lender, and how does this ensure compliance with the Fair Credit Reporting Act (FCRA)? Answer: When an account is transferred from one lender to another, it’s critical that the change is reported in a way that reflects both the…
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How Should the Date of First Delinquency (DOFD) Be Reported, and Why Is It Critical for FCRA Compliance?
What is the correct way to report the Date of First Delinquency (DOFD), and why is this date so important for compliance with the Fair Credit Reporting Act (FCRA)? The Date of First Delinquency (DOFD) is a foundational element in credit reporting, directly impacting how long negative information remains on a consumer’s credit report. Accurate…
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