How Should Reverse Mortgages Be Reported?
A reverse mortgage is a unique type of loan available primarily to homeowners aged 62 or older. Instead of the borrower making payments…
Category: Payment Behaviors
What Is the Purpose of Special Comment Codes, and How Do They Interact with Account Status Codes?
Answer: Special Comment Codes are an important component of credit reporting that provide additional context or information about an account beyond what is…
How Is the ECOA Code ‘T’ (Association with Account Terminated) Used?
Answer: The Equal Credit Opportunity Act (ECOA) Code ‘T’ is used to indicate that a consumer’s association with an account has been terminated….
How Should a Consumer’s Dispute Be Reported When the Investigation Is Still Ongoing?
Answer: When a consumer disputes information on their credit report, the data furnisher must conduct an investigation to verify the accuracy of the…
How Should Accounts in Forbearance Be Reported?
Forbearance is a temporary postponement or reduction of payments granted to a borrower facing financial hardship. It is commonly used for loans like…
What Factors Influence Consumer Payment Behaviors
Financial situation: Consumers’ income, expenses, and debts can greatly affect their ability to make payments on time. Employment status: Job stability and income…