Credit Reporting FAQ

For information about Laurel Wreath Acquisitions, LLC (“LWA”) and credit bureau reporting, please read the following:

Does LWA report to the credit bureaus? - We may choose to report accounts to the major credit bureaus. If we do report your account, the detailed information below will help answer any additional questions you may have.

When does LWA start reporting to the credit bureaus? - After we acquire an account, we may choose to report to the credit bureaus. We wait at least 90 days before we begin reporting. However, we will not begin reporting on an account that meets both of the following criteria:

How frequently does LWA send updated information to the credit bureaus? - LWA automatically provides updated account information to the credit bureaus every two weeks, on the second and fourth Fridays of each month. Please allow sufficient time for any updated information to be reflected on your credit report. If you are using a credit monitoring service, you should contact them to understand how frequently they provide updates to you.

When does LWA stop reporting to the credit bureaus? - We are required to stop reporting on an account and to delete our tradeline within seven years of the delinquency date. We also stop reporting and will request that the credit bureaus delete our tradeline on any account that is paid in full or paid in full for less than the full balance. Our request to delete the tradeline will occur approximately 30 days after your final payment is posted.

Why does LWA appear on my credit report? - If you see our tradeline on your credit report, it is because we have acquired your account.

Why didn't LWA contact me before reporting my account? - The credit bureaus do not require us to contact an account holder before we begin reporting account information. However, after we acquire an account we do wait at least 90 days before we start credit reporting.

Why is the "Open Date" on my credit report different than the date I actually opened my account? - The credit bureaus require us to report the date we acquire the account as the “Open Date”. Please know, however, that this “Open Date” does not affect how long our tradeline may appear on your credit report. Please see “When does LWA stop reporting to the credit bureaus” for additional information concerning how long our tradeline might appear on your credit report.

Why does another creditor show the same account on my credit report? - Some creditors may choose to report an account as “sold/transferred” even though we have acquired it and also started reporting on it.

Will LWA delete the trade line if I have paid off my account? - Our policy is that we will request the credit bureaus delete the tradeline approximately 30 days after the final payment has been posted that resolves the account as paid in full or paid in full for less than the full balance.

If I pay my account, how will my credit score be impacted? - Because each credit bureau determines your credit score, we do not know how a payment might impact your credit score.

How do I contact the credit bureaus for more information about how different tradelines and reporting statuses affect my credit score?