What does an agency do if a current account which it is reporting becomes delinquent?
For commercial accounts, the agency would simply change the account status to delinquent. For consumer accounts, the agency must still notify the debtor 60 days in advance of changing the status of the account to delinquent. Treasury is working with the credit bureaus to determine if there is a suitable status for reporting these types of accounts during the notice period. Treasury will keep the agencies advised of any changes. • Does the DCIA require lenders to report to credit bureaus, both delinquent and non-delinquent debts? Yes. The DCIA now requires lenders to report all extensions of credit, including insured or guaranteed loans, to credit bureaus. Delinquency status is immaterial.
For commercial accounts, the agency would simply change the account status to delinquent. For consumer accounts, the agency must still notify the debtor 60 days in advance of changing the status of the account to delinquent. Treasury is working with the credit bureaus to determine if there is a suitable status for reporting these types of accounts during the notice period. Treasury will keep the agencies advised of any changes. • Does the DCIA require lenders to report to credit bureaus, both delinquent and non-delinquent debts? Yes. The DCIA now requires lenders to report all extensions of credit, including insured or guaranteed loans, to credit bureaus. Delinquency status is immaterial.
Related Questions
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