Credit Reporting

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We report to all 3 of the Nation's top Credit Bureaus;

Credit reporting refers to the process of collecting and reporting information about a person’s credit history and payment behavior to credit bureaus. When someone borrows money or obtains credit, their repayment activities and creditworthiness are tracked by lenders and financial institutions. This information is then shared with credit reporting agencies, also known as credit bureaus.

Credit reporting agencies gather data from various sources, such as banks, credit card companies, and other lenders, to create credit reports for individuals. These reports contain details about an individual’s borrowing history, including the amount of credit they have used, their payment history, and any outstanding or delinquent debts.

In the context of debt recovery, credit reporting plays a crucial role in assessing an individual’s creditworthiness and determining their ability to repay debts. When someone fails to make timely payments on their debts, the creditor may report this information to the credit bureaus. This negative information can then be included in the individual’s credit report, which can have a significant impact on their credit score.

Credit reporting helps lenders and creditors assess the risk associated with lending money to individuals. It allows them to make informed decisions about extending credit and setting interest rates based on a person’s creditworthiness. Additionally, credit reporting helps debt recovery agencies identify and locate individuals who owe money, as their credit reports provide information about their current and past financial obligations.

It’s important to note that credit reporting must adhere to legal regulations, such as the Fair Credit Reporting Act (FCRA) in the United States. This ensures that individuals are treated fairly and have the right to dispute inaccurate information on their credit reports.

When an account placed and credit reporting is authorized, the guarantor has 180 days from the date of first delinquency (generally 30 days after the balance becomes due in your office) or the last transaction date whichever is most recent to pay in full or settle the outstanding balance. On the 181st day, if an unpaid balance remains on the account, it is automatically eligible to be reported to Nation’s Leading Credit Bureaus – Equifax, Experian and TransUnion. These bureaus keep the largest databases of consumer credit information in the United States, Puerto Rico, Canada and the U.S. Virgin Islands. Accounts can be reported for up to seven years from the date of first delinquency, as allowed by law.

In the case of a medical account, we will submit a deletion request to the credit reporting bureaus within 60 days of payment in full or settlement of the balance owed.