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Remember the SCRA when reporting loan history

Question: 
Can we report a past due loan to the credit bureau when SCRA protections apply?
Answer: 

The SCRA doesn’t say you can’t report factual loan histories. The servicemember should pay according to the loan terms, or SCRA amended terms, and have the record reported properly so their credit history is up to date and helpful to them. However, there are some restrictions on reporting information that every lender should understand and negative information cannot be reported on the servicemember simply because of the servicemember’s invocation of SCRA protections. Some state laws may also come into play.
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Learn more about Andy Zavoina’s webinar Attention - Military Lending

First published on 01/12/2020

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