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Credit Reporting Frequently Asked Questions
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.
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 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 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.
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.
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