Loans > Loan Screens > Credit Reporting > Coding of Derogatory Credit Status

When a repossession is completed, you should run both the Repossession transaction (tran code 2203-00) and the Sale of Security transaction (tran code 2510-03). The system will update all applicable fields accordingly.

1.Verify Action Code 93 (Repossession Date) and date of occurrence is present on the Actions/Holds/Event Letters screen/tab.

2.Hold Code 93 (repossession by grantor) is entered on the Actions/Holds/Event Letters tab.

3.During monthend credit reporting, the system will update the Account Status with "96" (Merchandise was repossessed by credit grantor; there may be a balance due).

4.If needed, you could also select Special Comments codes 92 to further define the loan as a repossession.

5.The General Category is changed to 81 (repossession—non-real estate) or 85 (repossessed assets) (depending on what was entered on the Repossession transaction), unless the loan has been charged off. In which case, the loan will retain the charge-off General Category. See Reporting an Account as a Charge-off for more information.