Loans > Loan Screens > Credit Reporting

The Fair Credit Reporting Act and the Equal Credit Opportunity Act require that each provider of credit information takes prudent steps to ensure that complete and accurate information be provided to credit repositories. In an effort to accomplish that, the credit repositories have agreed upon a standard for reporting called the METRO 2 format. This format establishes uniform codes that allow for better compliance with these regulations.

Credit repositories are limited in the amount of time that derogatory credit information can be shown on credit reports. The “Date of First Delinquency” (formerly known as the “Date of Occurrence”) gives the beginning point to the repositories. The regulations also require notification by the provider of credit information if the customer is disputing the credit information.

The Equal Credit Opportunity Act (ECOA) requires that a borrower’s relationship to an account be disclosed for the purposes of establishing equal credit for all involved. GOLDPoint Systems reports the ECOA for all borrowers based on the borrowers’ account relationship, which is set up in Customer Relationship Management in CIM GOLD). This allows the relationship of each borrower to be reported to the credit repositories.

The GOLDPoint Systems Credit Reporting system is designed to provide your institution, plus the credit repository (CR), with the information necessary for completing standard credit reports.

The Credit Reporting screen is the primary source of information reported to the credit repositories. During the month as payments are posted, reversed, etc., the account adjusts. At monthend, the Credit Reporting screen is updated and reflects the actual condition of the loan at that point in time. This is the information that will be reported. File maintenance can be done to this screen prior to the creation of the reporting transmissions. However, once transmissions are sent to repositories, any changes made to the screen will have no effect for that month. See Report and Transmission (FPSRP184) for more information on when GOLDPoint Systems sends credit reporting information to the credit repositories.

A credit report record (screen) is established for every loan regardless of the reporting option. Note that there are Special Comments, Compliance Codes, and the Consumer Transaction Type that may need to be updated manually by your institution through file maintenance on the Credit Reporting screen. Many of these fields are required for accurate and complete reporting. When certain transactions are run, such as Bankruptcy, some of these fields are updated automatically by the system and designated with the applicable code.

Be aware that if you change any of the fields on the Credit Reporting screen, it does not permanently change the actual fields on other loan screens.

This help guides you through the Credit Reporting process. See Credit Reporting Screen for more information about the Loans > Credit Reporting screen.

See the following help topics for more information:

Credit Reporting Process

Beginning Credit Reporting

Options

Credit Reporting Screen

Credit Bureau Type (Account Type)

Credit Bureau Status (Account Status)

General Reporting Information