Navigation:  Loan Screens > Credit Reporting  > Credit Reporting Screen > Credit Reporting & Loan Information tab > Date Closed

Entry: User, date

F/M: Yes

Mnemonic: BUCLDT

Screen: Loans > Credit Reporting > Credit Reporting & Loan Information tab

 

This is the date that the loan was paid off or closed due to zero balance. This date must be in the past. When a loan closes, the account is reported as “paid in full” the following month. A Credit Bureau status of 13 (paid or closed account/zero balance) will be reported unless there is a Hold Code 1, 2, 6, 91, 92, 93, 94, 95, 96, 97, or 98. File maintenance to this field writes to loan history.

 

The loan is only reported for 90 days after being paid off. For example, if the loan is paid off on April 15, it would be reported as “paid in full” on the transmission created through July 15. It would not appear on any transmissions thereafter.

 

During the Credit Reporting process, the system uses the date in this field and puts it in the Date Closed field in the Base Segment of the transmission sent to credit repositories (FPSRP184).

 

WARNING:  If you use the Payoff transaction to remove a loan that was repossessed, foreclosed, etc., and you do not use the correct hold codes and general category, you are not reflecting a derogatory status. See Coding of Derogatory Credit Status for more information.