Loans > Loan Screens > Credit Reporting > General Reporting Information

When a loan is service released, an Action Code 104 is automatically placed on the loan (Actions/Holds/Events tab of the Loans > Marketing and Collections screen). The system looks for released loans and if the Action Code 104 date is within the current month, then at monthend, the Special Comment Codes on the Credit Reporting screen, is automatically updated with an O (account transferred to another lender).

The loan will be reported for 90 days after being released. Example: If the loan was service released April 15, at monthend the screen will be updated to display "O" in the Special Comment Codes; the transmissions created through July 15 will report the loan as service released.

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

	WARNING: If you repurchase a loan you may have to manually identify it as a new loan. The Consumer Transaction Type 1 (newly opened account) may need to be entered. Refer to your credit repository. Regardless, once the loan is no longer released and the action code 104 is removed, the loan will be reported.

Service Released

Service Released