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Credit Reporting Frequently Asked Questions

A Flagship Credit Acceptance inquiry is on my credit report – what does it mean?
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If you recently applied for dealer financing or refinanced your vehicle, your application was forwarded to Flagship Credit Acceptance so we could evaluate whether, and on what terms, we would purchase a finance agreement from the dealer or refinance your current contract. Flagship uses credit, income, and vehicle information in making our determination.

What does Flagship Credit Acceptance report to the consumer reporting agencies?
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Every month we report transactional information on your account to consumer reporting agencies. That information includes, but is not limited to, personally identifying information, contract date, terms, payment amount, and the status of the account for that month.

When does Flagship Credit Acceptance report to the credit bureau?
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We report monthly, in the first week following the end of the month. Flagship does not control the time each consumer reporting agency takes to update its records, but typically that occurs within 5 days of receiving our report.

My report shows I am 30 days past due – why?
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Flagship reports monthly in the first week following the end of the month. We report the status of your loan as the last night of the month minus the number of days from your latest statement due date. For example:

  • If your loan is due on July 5, 2020, and the scheduled payment amount has not been made by July 31, 2020, the loan will be marked paid as agreed because the loan is less than 30 days past due.
  • If your loan is due on June 25, 2020, and the scheduled payment amount has not been made by July 31, 2020, the loan will be reported as 30 days past due.
Flagship repossessed my vehicle – how is that reported to the credit bureaus?
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Flagship reports monthly in the first week following the end of the month. Flagship reports the loan as a repossession, which is considered negative. There are two kinds of repossessions. One is voluntary, when the customer requests to turn in the vehicle. The other is when Flagship determines and advises the customer with notice that the vehicle will be repossessed.

Flagship repossessed my vehicle and I paid to get it back – how is that reported to the credit bureaus?
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Flagship reports monthly during the first week following the end of the month. Flagship reports the loan as repossession until it is redeemed. Once redeemed, the loan will be reported at the end of the month with the account status calculated for that month.

When will a loan that is “paid in full” be reflected on a credit report?
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Flagship reports monthly in the first week following the end of the month. Flagship does not control the time each consumer reporting agency takes to update its records, but typically that occurs within 5 days of receiving our report. A loan that is paid in full will reflect a zero balance and a paid or closed date. While not typically stated on a report, it is common that a zero balance on an installment loan is noted as paid.

What does “paid in full for less than full balance” mean?
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Flagship may have agreed to a settlement with you as our customer to pay less than the final total balance due. We report “paid in full for less than full balance” to the credit bureaus to indicate our settlement and that the loan has been paid in full.

I’m a dealer and my customer says the last reporting they received from Flagship was in XXX month. Are we still reporting to the credit bureaus?
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Yes, we are still reporting. Depending on the date of the report your customer is viewing, it could be the last month we’ve reported. For example, in early July, the report may reflect the last update as of June. If your customer disagrees with what is being reported, they can send an email explaining their concern to cbdispute@flagshipcredit.com. They will receive a letter in response from the Flagship Credit Acceptance team. Your customer’s email should include their loan number and they may attach any relevant supporting information.

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