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Credit Reporting |
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General Information This system will create a file for reporting your customers to the Credit Bureau. The file is created using the industry standard Metro 2 format (character format). You will need to contact your credit bureau to make arrangements for how you will get the data file to them. The Frazer system creates a file called CredData, which can be automatically created on a diskette or a zip disk, or directly on your hard drive. Click Below For:
Reporting Fewer Than Required Minimum Number of Customers Some bureaus require that you have a minimum number of customers to report before you can send in the file. The Frazer system has an option that will let you continue to report paid out and zero balance customers to try to get to the minimum number that the credit bureau requires. To learn more about reporting fewer than the required minimum, Click Here. Bankruptcy and Compliance Conditions There is a tab on the Modify Customer Information section of the system that will let you report special conditions about the customer, including Bankruptcies. There is Compliance Condition and Consumer Information Indicator information found on this tab. To view this screen , , , . The Standard Account Status Codes are: 05 Account Transferred to another office 11 Current Account 13 Paid or closed account with a zero balance 61 Paid in full was a voluntary surrender 62 Paid in full was a collection account, insurance claim or government claim 63 Paid in full was a repossession 64 Paid in full was a charge off 65 Paid in full. A foreclosure was started 71 Account 30 days past the due date 78 Account 60 days past the due date 80 Account 90 days past the due date 82 Account 120 days past the due date 83 Account 150 days past the due date 84 Account 180 days past the due date 88 Claim filed with government 93 Account seriously past due and/or assigned to internal or external collections 94 Foreclosure/credit grantor sold collateral to settle defaulted mortgage 95 Voluntary surrender 96 Merchandise was repossessed by credit grantor; there may be a balance due 97 Unpaid balance reported as a loss by credit grantor (charge off) 222 DO NOT REPORT THIS CUSTOMER TO THE CREDIT BUREAU
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