Credit Reporting

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At Standard Acceptance Inc., we are committed to helping consumers resolve their accounts and restore a positive credit standing. We encourage all consumers to review the information below to better understand our credit reporting practices:

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• Advance Notice:
  Standard Acceptance or our authorized servicing partners make every effort to notify consumers in writing before reporting an account to the credit bureaus.

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• Accounts Recently Paid or Closed:
  We do not report accounts that are paid in full or closed within 90 days of being acquired by Standard Acceptance.

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• Updating or Deleting Closed Accounts:
  Within 30 days of an account being satisfied or closed, we request deletion of the related tradeline from all major credit bureaus. An account is considered satisfied when it has been paid in full or settled for less than the full balance.

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• Automatic Tradeline Deletion:
  All unpaid accounts are automatically deleted after seven years from the original delinquency date (or seven years from the last payment date, if more recent), in accordance with federal reporting guidelines.

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• Credit Report Open Date:
  Credit bureaus require that we list the date the account was acquired as the “Open Date.” Please note that this does not affect how long the tradeline remains on your credit report.

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• Accessing Your Credit Report:
  Consumers can review their credit files by visiting AnnualCreditReport.com to obtain a free report from TransUnion, Experian, and Equifax.

 

We encourage consumers to contact our office to discuss repayment options or to learn more about our credit reporting policies.