Process Terms
Original Creditor: Definition
The company that originally extended credit before a debt was sold.
Definition
The Original Creditor is the company that originally extended credit or provided the product/service that created a debt before it was sold or transferred to a collection agency. When debts are sold, the K1 Segment reports the original creditor's information.
Usage Notes
- Must be reported by collection agencies
- Helps consumers identify original debt
- Required in K1 Segment
Related Terms
More Process Terms
Dispute
A consumer's challenge to the accuracy of reported information.
ACDV (Automated Consumer Dispute Verification)
The system used by bureaus to process consumer disputes.
e-OSCAR
The industry system for processing credit disputes electronically.
File Submission
The process of sending Metro 2 data to credit bureaus.
Credit Report
A detailed report of a consumer's credit history.
Credit Score
A numerical representation of creditworthiness.
Tradeline
A record of a single credit account on a credit report.
Soft Inquiry
A credit check that doesn't affect credit scores.
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