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#156547 - 02/04/04 04:33 PM Credit Bureau Reporting of Loans Covered by SCRA
vlg Offline
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vlg
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Has anyone read Section 108 of Title I General Provisions? I should ask does any one understand it? I am trying to determine if it is appropriate to report delinquencies on loans covered by SCRA.

There are just too many "NOT"s in this section for me.

"Sec 108 EXERCISE OF RIGHTS UNDER ACT NOT TO AFFECT CERTAIN FUTURE FINANCIAL TRANSACTIONS. Application by a servicemember for. or receipt by a servicemember of, a stay, postponement or suspension pursuant to this Act in the payment of a . . . liability of that servicemember shall NOT itself . . . provide the basis for any of the following: . . . (3) An adverse report relating to the creditworthiness of the servicemember by or to a person engaged in the practice of assembling or evaluating consumer credit information."

Please let me know if this means we should or should NOT report delinquent loans to the credit bureau.

Thanks
, but wants to meet the spirit of this Act

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#156548 - 02/04/04 05:46 PM Re: Credit Bureau Reporting of Loans Covered by SCRA
Andy_Z Offline
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I read that to say that their request for coverage under the SCRA cannot be held against them or seen as a derogatory report, in itself.

I do not read that to mean that if they fail to meet the modified obligation, you cannot report it. I believe you can, but because there is a default, not the SCRA modification. SO if a payment was $100 and is now $94, if they pay $94 they are current.

(Remember, I am not a lawyer and don't watch LA Law reruns any more.)
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#156549 - 08/03/04 06:35 PM Re: Credit Bureau Reporting of Loans Covered by SCRA
Anonymous
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Had a customer call yesterday to tell us they had been called to active duty and wanted to exercise their rights. No problem there, but, they also informed us they had been told by Chrysler that we could not report them to the credit bureau regardless of their loans status! Try to explain that one to a customer.

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#156550 - 08/03/04 07:02 PM Re: Credit Bureau Reporting of Loans Covered by SC
Andy_Z Offline
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It is easy, the law doesn't say you don't have to pay, it says we have to make concessions and we do so freely to support our troops. But we also have families who depend on us, and your modified payments are part of that. We appreciate your support too.
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My opinions are not necessarily my employers.
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Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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