Loans > Loan Screens > Credit Reporting > Credit Reporting Process

Review of Credit Reporting

GOLDPoint Systems credit reporting works as follows:

1.At monthend, during the afterhours process, GOLDPoint Systems updates the Loans > Account Information > Credit Reporting screen for all loans (this is called the credit reporting process). The updating includes determining the Credit Bureau (CB) account type, CB status, date of first delinquency, deferments, etc.

2.The Credit Report (FPSRP184) is generated and a transmission is sent to credit repositories. You can download the Credit Report in GOLDView usually by the next business day or second business day after monthend. Additionally, GOLDPoint Systems creates a copy of each transmission sent to credit repositories (e.g., Equifax, Trans Union) for you to review. This copy is in a comma-delimited file (.csv format), which allows you to view the information in a spreadsheet program such as Excel®. This file can be downloaded from GOLDPoint Systems' online file sharing site (commonly referred to as "Go Anywhere"). Your GOLDPoint Systems account manager can help you set up security clearance to access this site.

If you find any errors or corrections that need to be made from the review file, you may need to use a third party such as e-OSCAR to modify any reporting information. See the e-OSCAR website for more information.

3.Changes that need to be made to a loan file after the credit transmission has been sent to the repositories must be made on the regular loan screens (not the Credit Reporting screen). Then next monthend, the Credit Reporting screen is updated with the changes. That information will be included in the next transmission.

Special Codes

Special fields on the Credit Reporting screen > Reporting Codes & Original Information tab, are available to use for clarification in credit reporting. The proper use of these fields will control the accuracy of the information provided to credit repositories.

1.The Special Comments field allows you to better clarify the Credit Bureau status that has been reported for that month. For example, if the loan had a deferment due to hardship, you could assign Special Comment "AW" (Affected by natural or declared disaster). This will require a user to manually set the indication in the Special Comments field.

2.Use the Compliance Code field to notify the repositories of problems on the account. It also allows a way of indicating if your institution required the account to be closed or if the borrower closed an account.

3.Use the Consumer Tran Type field to notify the repositories that a correction of name, address, or Social Security number was made on the account that month. This will allow the repositories to make file changes.