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Can I Report a Delinquent Account if the Borrower Is Now Deceased?
When a borrower passes away while carrying a delinquent account, furnishers must handle the situation sensitively and accurately. Reporting the account of a deceased consumer carries legal, regulatory, and reputational considerations. The Fair Credit Reporting Act (FCRA) and Metro 2® guidelines provide specific instructions to prevent misreporting and to protect surviving family members and the…
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How Should I Report an Account with Zero Balance and No Activity for Months?
Question: What is the appropriate method for reporting an account that has a zero balance and has shown no activity for an extended period, and how does this comply with the Fair Credit Reporting Act (FCRA)? Answer: An account with a zero balance and no recent activity may still play an important role in a…
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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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