Furnishing

■ WHAT'S NEW
Expanded CRA reporting: SBFE and Innovis
Furnishing clients can now report to the Small Business Financial Exchange (SBFE) and Innovis, in addition to the existing bureaus Equifax, Experian, and TransUnion. Reach out to your Bloom Credit account team to if you're interested in more information about reporting to either Credit Reporting Agency.
NO ACTION REQUIRED

Enhanced handling of reporting accounts with deceased primary consumer
The following changes were made to adhere to CRRG(c) reporting standards and making it seamless for our clients to continue reporting active accounts, even when the primary consumer passes away.

Deceased-only accounts now stop reporting automatically
If a primary consumer is the only consumer on an account and passes away, we report the deceased status (ECOA code X) once, then automatically discontinue reporting that account going forward, even if statements continue to be submitted.
NO ACTION REQUIRED

When a primary consumer on a furnished account passes away, we now automatically move any joint liable secondary consumer (co-borrower, co-maker/guarantor, or maker) into the primary consumer role in the base segment. The deceased consumer is reported once with ECOA code X, then reporting continues under the new primary consumer with no manual account updates needed.
NO ACTION REQUIRED