Loans > Loan Screens > Credit Reporting > Credit Reporting Screen > Reporting Codes & Original Information tab

Credit Bureau compliance codes are user-entered. The compliance codes notify the credit repositories of disputes and other factors that better clarify the information being reported. It also allows a way of indicating if the institution required an account to be closed due to a dispute. File maintenance to this field writes to loan history.

Note: Before establishing the Compliance Code, you should first enter Hold Code 62 (Account in Disputed) on the account. This hold code is manually set on the account (using the Actions/Holds/Event Letters screen) by a user when the account is in dispute for any reason. If this hold code is set up, the following occurs on the account:

•"DISPUTED" appears in red in the Status bar at the top of the screen, so users instantly know the loan is in dispute.

•Users cannot make payments on the account from CIM GOLDTeller or EZPay (or any other payment transaction screen). If users attempt to make a payment on a disputed account, the message "Account is in Dispute" will appear and they will not be able to finish processing the payment (unless the hold code is removed).

•Borrowers will not be able to make payments from your website (GOLDAccount Center). They will receive an error message.

The compliance codes available in this field might vary depending on your institution's use of the Loans > System Setup Screens > Client Code Setup > Loan Compliance Code screen. See help for that screen for more information.

Compliance Codes are reported in Base Field 20 of the Credit Report transmission. Accounts with Compliance Codes are also reported in the Credit Report (FPSRP184) generated on a monthly basis through GOLDView.

Valid codes are as follows:

Code

Description

Blank

Retains previously reported value, or no new Compliance Condition Code applies for this activity period.

Account closed at consumer's request.

Definition: Reported when a consumer requested an account be closed.

Account information disputed by consumer under the Fair Credit Reporting Act.

Definition: Reported when the completeness or accuracy of the account information is disputed by the consumer under the FCRA and investigation of the dispute is in progress by the data furnisher.

Completed investigation of FCRA dispute—consumer disagrees.

Definition: Reported when the investigation of an FCRA dispute has been completed by the data furnisher; however, the consumer disagrees with the outcome of the investigation. Usually this Compliance Code follows a previously reported code of "XB." If the consumer agrees with the investigation, you can use code XH.

Account closed at consumer's request and in dispute under FCRA.

Definition: Combination code reported when two conditions (XA and XB) apply to the account. A consumer requested an account be closed and the completeness or accuracy of the account information is disputed by the consumer under the FCRA and investigation of the dispute is in progress by the data furnisher.

Account closed at consumer's request and dispute investigation completed, consumer disagrees (to be used for FCRA or FCBA disputes).

Definition: Combination code reported when two conditions (XA and XC or XG) apply to the account. A consumer requested an account be closed and the investigation of the dispute has been completed by the data furnisher; however, the consumer disagrees with the outcome of the investigation.

Account in dispute under Fair Credit Billing Act.

Definition: Reported when information is disputed by the consumer under the FCBA and investigation of the dispute is in progress by the data furnisher.

FCBA Dispute resolved—consumer disagrees.

Definition: Reported when the investigation of an FCBA dispute has been completed by the data furnisher; however, the consumer disagrees with the outcome of the investigation.

Account previously in dispute—investigation completed and resolved. Reported by data furnisher (to be used for FCRA or FCBA disputes).

Definition: Usually this Compliance Code follows a previously reported code of "XB." If the account dispute is resolved, you should change this code to XH. This is reported when the investigation of a dispute by the data furnisher was completed. If the consumer disagrees with the investigation, you should enter Compliance Code XC instead (see definition above).

Account closed at consumer's request and in dispute under FCBA.

Definition: Combination code reported when two conditions (XA and XF) apply to the account. A consumer requested an account be closed and information is disputed by the consumer under the FCBA and investigation of the dispute is in progress by the data furnisher.

Removes the most recently reported Compliance Condition Code.

	Note: XR is not used as a default value. If no Compliance Condition Code applies in the current activity period, this field is blank filled.