Navigation:  Loans > Loan Screens > Credit Reporting  > General Reporting Information > Payoff and Releases

The account status as of monthend and the payoff date control the reporting of paid-off accounts to credit bureaus.

 

The Paid Off field displays the date the loan was paid off. This field is updated when a Payoff transaction code 580 is processed. A payoff correction code 588 will clear the field.

 

If the loan is closed by a file maintenance transaction, the date of the file maintenance will become the Paid Off date.

 

In the absence of a payoff date, the system looks at the last transaction date if the loan account status is "closed" and the loan balance is zero.

 

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 transmissions created through July 15. It would not appear on any transmissions thereafter.

 

The 24 Month Payment Profile field will continue to move to the right each monthend for 24 months after the payoff date.