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What Are the Options for Reporting Accounts with Temporarily Postponed Payments?
Temporarily postponed payments, also known as forbearance, deferment, or payment suspension, occur when a lender allows a borrower to delay or reduce payments for a specified period. Properly reporting these accounts is critical for compliance with the Fair Credit Reporting Act (FCRA) and for ensuring that the consumer’s credit report accurately reflects their financial situation.…
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What Are the Guidelines for Reporting Loan Assumptions (Full and Simple)?
A loan assumption occurs when a new borrower takes over responsibility for an existing loan from the original borrower. Properly reporting loan assumptions is essential for maintaining compliance with the Fair Credit Reporting Act (FCRA) and ensuring that both the original and new borrowers’ credit reports accurately reflect the transaction. Understanding Loan Assumptions There are…
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How Should Mortgage Loan Modifications Be Reported?
A mortgage loan modification is an agreement between a lender and borrower to change the terms of a mortgage, often to make payments more manageable for the borrower. Properly reporting loan modifications is critical for compliance with the Fair Credit Reporting Act (FCRA) and for providing transparency in the consumer’s credit report. Understanding Mortgage Loan…
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