FORT WORTH, Texas –
As reports continue to arrive stemming from the damage caused by Hurricane Harvey in Texas and elsewhere along the Gulf Coast, Ignite Consulting Partners gave buy-here, pay-here dealers and other auto finance providers three reminders associated with credit reporting for consumers residing in locations declared as disaster areas.
Chief optimization officer Richard Hudson acknowledged that some BHPH operators and other data furnishers are unaware, but the consumer reporting agencies (CRA) have included guidance to institutions on how to report accounts in these circumstances.
“It is important for data furnishers to understand what they can do to help mitigate negative information on their consumers that have been impacted by natural disasters,” Hudson said in a message sent to BHPH Report. “The Credit Reporting Resource Guide gives specific guidance in their frequently asked questions and answers section on how to report trade-lines for consumers effected in this way.”