Adding or editing credit reporting agencies

Menu 10.1.4

You can add a new credit reporting agency or update a credit reporting agency's configuration.

To add or edit a credit reporting agency

  1. From the Master menu, navigate to Management Strategy > Agency > Credit Reporting (menu 10.1.4).

    You can also access credit reporting agency setup options and controls from Utility > Credit Reporting (menu 9.4).

  2. In the Credit Reporting Setup window, select Consumer Format, and press Enter or click Ok. Do one of the following:

    In the Select Credit Bureau window, select New Credit Bureau, and press Enter or click Ok.

    1. In the Select Credit Bureau window, select an active or inactive credit bureau, and press Enter or click Ok.
    2. Proceed to Step 5.

    See Copying a credit reporting agency.

    See Deleting a credit reporting agency.

    See Printing or viewing credit reporting agency settings.

  3. In the Select Bureau Type window, select a credit reporting agency, and press Enter or click Ok.
  4. In the Enter name of credit bureau window, type the name of the credit reporting agency, and press Enter or click Ok.

  5. In the Select Field To Update window, select one of the options to configure, and press Enter or click Ok. Refer to the following list for each option you select.

    The Collector System does not report accounts with a balance below the minimum assigned amount. We recommend an amount of $50.

    In the Minimum Balance to Report window, type the minimum current balance to qualify for credit reporting, and press Enter or click Ok.

    Do not include the dollar sign.

    You can report the credit of the individual in the Name2 field to the credit reporting agency only if they are legally responsible for the debt. You can specify what individuals to report by designating a special character, report all Name2 individuals, or report no Name2 individuals.

    In the Name 2 Co-Responsible Party Code. Suggest (ALL) window, do one of the following:

    • Type the code that designates if the name in the Name2 field is reported to the credit reporting agency, and press Enter or click Ok. For example, type *.
    • To report every Name2 individual to the credit reporting agency, press Enter or click Ok.
    • To report only Name1 names to the credit reporting agency, clear the field, and press Enter or click Ok.

    You can request the control number by contacting your credit reporting agency representative. This code is unique for each agency and identifies your agency when you report credit information. Contact Experian to obtain your Control number.

    In the Credit Report Control Number window, type the five-digit credit report control number, and press Enter or click Ok.

    You can request the Grantor code by contacting your credit reporting agency representative. This code is unique for each agency and identifies your agency when you report credit information. Contact TransUnion to obtain your Grantor code.

    In the Credit Report Grantor Code window, type the credit report grantor code that identifies your agency, and press Enter or click Ok.

    You can access the Subscriber code by contacting your credit reporting agency representative. This code is unique for each agency and identifies you when you report credit information. Contact Equifax to obtain your Subscriber code.

    In the Credit Report Subscriber Code window, type the credit report subscriber code, and press Enter or click Ok.

    Along with the date, this field stores the balance of the account and the credit reporting status code. You need a log and audit trail if you send a credit report to multiple credit reporting agencies; otherwise, if you use the same field for all the credit reporting agencies, then the data is overwritten each time you run the report.

    We recommend that you write the date to the Memo and the Account file or the Memo and the Fiscal file. Writing to just the Account or Fiscal file stores the date of the last time the account reports, but it does not leave a history on the account.

    If you write this information to the Memo file, The Collector System adds a new note line when you report the account. Writing this information to the Memo and Account file or the Memo and Fiscal file allows you to search from TCL within the Account or Fiscal files for the last time an account reported.

    You can combine any fields except Account and Fiscal fields. You can store the date in one of the following formats, where nn is a field number:

    • To use an Account Update field, type Dnn where nn is 35 to 40. Normally, 35 is reserved for a patient's name.
    • To use a Fiscal field, type Fnn.
    • To use a Memo field, type M.
    • To combine an Account Update and Memo field, type Dnn;M.
    • To combine a Fiscal field and a Memo field, type Fnn;M.

    In the Account/Fiscal Field# to Store Info window, do one of the following, and press Enter or click Ok:

    • To use an Account Update field, type D, followed by the account field number. For example, type D35.
    • To use a Fiscal field, type F followed by the Fiscal field number. For example, type F25.
    • To generate a system note in the account that includes the credit reporting date, type M.
    • To combine fields, type a combination. For example, type D35;M.

    This allows you to update the credit reporting agency records of accounts that were previously reported.

    You can also use this option to stop reporting new accounts to the credit reporting agency and continue to send accounts that have previously reported. For example, a fictitious agency, Lake Assets, reports their accounts to the credit reporting agency but recently decided to discontinue credit reporting for new accounts.

    We recommend that you allow reporting of previously reported accounts.

    Do one of the following:

    • To allow reporting of previously reported accounts and new accounts, in the Allow Reporting of Previously Reported Accounts window, type Y.
    • To continue reporting previously reported accounts to the credit reporting agency and prevent new accounts from reporting, do the following:
      1. In the Allow Reporting of Previously Reported Accounts window, type Y.
      2. In Field 301 of the Client Control record, type N.
    • To only report new accounts that have not yet been reported, in the Allow Reporting of Previously Reported Accounts window, type Y. type N.

    You can report interest and fees in the balance; however, because some states do not allow collection agencies to include interest and fees, refer to local and state laws before you complete this field. If you have any doubt about whether or not to report interest and fees in the current balance, do not report them.

    In the Include Interest and Fees in Current Balance window, do one of the following, and press Enter or click Ok:

    • To include interest and fees, type Y.
    • To exclude interest and fees, type N.

    You can back up the credit reporting file in case you need to reproduce data. For example, when you generate a credit report (business or consumer), a new file is added to The Collector System that stores an individual item for each account that reported to the credit reporting agency. If you reported 100 accounts to Equifax, The Collector System creates a Equifax-Cr-Tape1 file with 100 records in it. The item identification for this file is the account number. The next time you generate a credit report for Equifax, The Collector System creates a file called Equifax-Cr-Tape2 containing the records selected for that credit file.

    In the Number of Months to Back Up window, type the number of months of credit reporting data to include in the backup file when a new credit reporting file is created, and press Enter or click Ok.

    We recommend that you back up at least three months worth of data.

    Before you can enter the Fiscal attribute, you must create the Fiscal attribute for the Name field.

    The Name field contains the name of the person primarily responsible for the debt. The individual in the Name2 field may or may not be responsible for the debt. The ECOA code establishes the relationship between the names listed in the two fields. Both the Name and Name2 fields are located on the Account Update screen.

    The terms Name and Name 1 both refer to the Name field in the Account Update screen.

    1. Refer to the Dictionary Listing page you printed to find the correct attribute number in the description.
    2. In the Fiscal Attribute for ECOA Code Name 1 window, type Fn, where n is the Fiscal attribute number, and press Enter or click Ok. For example, type F5.

    The Fiscal attributes input here must have been already created on the system.

    The Name 2 field contains the name of the person who may or may not be responsible for the debt. The person in the Name 1 field is primarily responsible for the debt. The ECOA code establishes the relationship between the names listed in the two fields. Both the Name and Name 2 fields are located on the Account Update screen.

    The term Name 2 refers to the Name2 field in the Account Update screen.

    1. Refer to the Dictionary Listing page you printed to find the correct attribute number in the description.
    2. In the Select Name 2 Field window, select one of the following fields you wish to populate, then press Enter:
      • ECOA Code
      • Date of Birth
      • Phone Number
      • Social Security Number
    3. In the Account or Fiscal Attribute for ECOA Code input box, type the appropriate Fiscal or Account attribute, and press Enter or click Ok.

      For instance, if Fiscal attribute <6> stores the selected Name 2 field you're wanting to add, you would type F6.

    4.  Repeat the above steps for any additional ECOA fields you wish to include.

    For Name 2 to be included when credit reporting, either a Name 2 Date of Birth or Name 2 Social Security Number must be included.

    You can configure account types for your clients. If you have multiple clients, each having different account types, you must create a client miscellaneous field for Act Type first before completing this step and print or review the dictionary listing so you can enter the correct attribute number. You can then point to the field that you specify. If you do not have multiple account types, do not create a client miscellaneous field; rather, select the type from a pre-existing list in this procedure.

    Do the following:

    • For a single account, do the following:
      1. In the Use Client attr. or Fixed Value (48) window, click Fixed.
      2. In the Account Type window, select the account type, and press Enter or click Ok.
    • For multiple accounts, do the following:
      1. In the Use Client attr. or Fixed Value (48) window, click Attribute.
      2. Refer to the Dictionary Listing page you printed. On the dictionary listing page, in the Field Description column, find Act Type. In the Account Type window, type the attribute number preceded by C, and press Enter or click Ok. For example, type C3.

    Because the credit reporting bureau codes are different from the codes of The Collector System, you must map the codes to each other. Paid in full (PIF) and canceled accounts are handled differently than other accounts. The Collector System defaults to 62 for PIF accounts, but you can also manually set up PIF codes to report as any code from 61 to 65. A canceled account reports as DA, regardless of the status code defined in this field.

    DA status codes exist in a universal list and can't vary between bureaus. Additionally, DA status codes are exclusive and can't be used by any other bureau status code. Any account submitted to the bureaus as a DA will require manually reinstating credit reporting in order to report again.

    1. In the Account Status window, select a credit reporting status code from the following list:
      • 05—The account was transferred to another office.
      • 61—The debt was paid in full. The customer voluntarily paid the debt.
      • 62—The debt was paid in full due to a collected account, insurance, or government claim.
      • 63—The debt was paid in full because of repossession.
      • 64—The debt was a charge-off.
      • 65—The debt was due to foreclosure.
      • 93—The account is active, and the agency is actively collecting on it.
      • 96—The merchandise is repossessed by the credit grantor, and there may be a balance due.

      • DA—Delete the account from the credit reporting agency records even if reported previously. Paid in full accounts should report as 61 to 65.

        DA status codes exist in a universal list and can't vary between bureaus. Additionally, DA status codes are exclusive and can't be used by any other bureau status code. Any account submitted to the bureaus as a DA will require manually reinstating credit reporting in order to report again.

      • OM—Prevent accounts from reporting to the credit bureau. This is intended for legal accounts but can be used for all accounts. Accounts previously reported (which currently have a status code associated with the OM code) will be reported as a DA.
    2. In the Account Status window, select one or more account status codes, and press Enter or click Ok. For a complete list of codes, refer to status codes in @Codes.
    3. In the Account Status window, click Cancel.

    You can choose the creditor classification for single or multiple accounts.

    Before you can assign and enter the creditor classification field for multiple account types, you must create a client miscellaneous field and print/review the dictionary listing so you can enter the correct attribute number. After you create a client miscellaneous field and print the dictionary listing, you can enter the creditor classification attribute number for multiple types of clients.

    In the Use Client attr. or Fixed Value (01) window, select one of the following:

    • If you have multiple clients, each having a different business type, click Attribute.
    • If you have multiple clients, each having only one business type, click Fixed, and select the applicable creditor classification.

    You can choose to generate and send credit reporting files to the credit reporting agency.

    In the Actively Report This Bureau window, do one of the following, and press Enter or click Ok:

    • To generate and send credit reporting files to the credit reporting agency, type Y.
    • To not generate and send credit reporting files to the credit reporting agency, type N.

    If your agency uses tapes, set your blocking factor to 1; otherwise, set the blocking factor to 32. For the majority of agencies, the blocking factor is 32.

    In the Blocking Factor window, if your agency uses tapes, type 1; otherwise, type 32.

    You can report skip accounts. An account is classified as a skip account when MR- is added in front of the street address in the account record.

    In the Report Skip Accounts? window, do one of the following, and press Enter or click Ok:

    • To report skip accounts, type Y.
    • To not report skip accounts, type N.

    Before you can exclude a client from the reporting process, you must create a miscellaneous field. Then you can enter the field number in the Client2 Attribute number for Client Exclusion window.

    This functionality is only applicable if your agency reports to some, but not all, credit reporting agencies.

    In the Client 2 Attribute number for Client Exclusion window, type the omit miscellaneous field number you created, and press Enter or click Ok. For example, type C4.

    Agencies typically give an account 30 days from the date of delinquency to pay a debt before reporting them to a credit reporting agency; however, when collecting certain types of debt (bad checks, for example), you can enter a shorter delay period.

    In the # days between Setup Date and Delinquency Date window, type the number of days from the setup date to report the account, and press Enter or click Ok.

    Ignoring the delinquency date enables you to report an account immediately.

    In the Ignore Delinquency Dt if Delay Days=0 window, do one of the following, and press Enter or click Ok:

    • To ignore the delinquency date and report the account immediately, type Y.
    • To not ignore the delinquency date, type N.

    Allows you to override paid in full for accounts with a DA status.

    In the Override PIF on DA Status? window, do one of the following, and press Enter or click Ok:

    • To override PIF on DA status, type Y.
    • To not override PIF on DA status, type N.

    The Metro2 credit reporting format includes a special comment code that allow you to make notations regarding extenuating circumstances for an account (flooding, tornado, etc.) that impact the ability of a debtor to resolve their debt in a timely manner. To use this optional feature, you designate a Fiscal attribute, in the format Fnnn, where the code is stored.

    Typically, you would populate this field via a side-action strategy targeting the accounts impacted by a disaster.

    In the Fiscal Attribute for Special Comment Code window, type the fiscal attribute, in the format Fnnn, where the code is stored, and press Enter or click Ok:

  6. In the Select Field To Update window, to save the credit reporting agency, click Cancel.
  7. At the OK to file? prompt, do one of the following:
    • To save the credit reporting agency, click Yes.
    • To discard the credit reporting agency, click No.
  8. To report to multiple configurations for the same credit reporting agency, in the Select credit reporting agency name Bureau to Use window, select one or more configurations to activate, and press Enter or click Ok.

  9. After you add a credit reporting agency, in the Client Control record, you must assign the creditor classification and designate which clients to exclude from credit reporting, or you can exclude all of a client's accounts from credit reporting.

    If you have multiple account types and creditor classifications, perform the following: