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…
Category: Payment Behaviors
How Should Deferred Accounts Be Reported?
A deferred account is one where payments have been officially postponed under the terms of the loan agreement, often due to school enrollment,…
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…
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…
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…
How Should a Closed Account Be Reported That Has an Outstanding Balance?
An account that is closed but still carries a balance is considered an active financial obligation, even though no further transactions (like new…
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