Auto Loans vs. Retail Instalment Contracts

Auto Loans vs. Retail Instalment Contracts

What is a Retail Instalment Contract (RIC)? RIC is a version of indirect lending. For example, a consumer goes to a dealership to buy a car. The car is selected, and it is time to finance it. The finance managers would run the credit application and scrub it against...
What To Do if an Account is not Reporting?

What To Do if an Account is not Reporting?

When do accounts report?  Most credit card companies report data to the bureau, usually the day after or a couple of days after the statement closing date. It is vital to note that the statement closing date is different than a due date.  Statement closing dates vary...
What is a FICO score?

What is a FICO score?

What is a FICO score?  A FICO (Fair Isaac Corporation) score is a number that provides an overall view of a consumer’s credit reports. It is a quick and efficient way for lenders to find out how much of a risk is a consumer to grant a loan. The higher the FICO...
Can a Charge-Off Report a Minimum Payment?

Can a Charge-Off Report a Minimum Payment?

According to the Credit Reporting Resource Guide (CRRG), a charge-off or a closed account cannot report a value in the minimum payment field. The CRRG was created by the Consumer Data Industry Association (CDIA). It is like a rulebook, or the Bible for credit...