Discharged Through Bankruptcy
Posted by Linda, Last modified by on 09 March 2007 10:47 PM
The CBR module changes the reporting status on your accounts by using the METRO contact. When you have CBR switched on for an account, you will notice at least one METRO contact in the list of contacts for the account. An "In Progress" METRO is due to be reported. A "Complete" METRO has already been reported.|
In the Description of the METRO contact, you will see several bits of data. The Account Status is one of these bits. For instance, AS93 means a seriously past due account. ASDA means Delete Account. AS62 means Paid in Full Account.
The Bankruptcy status is stored in the Indicator field in the Credit Report Details. In CBR terms this is referred to as the "Consumer Information Indicator." In the METRO Description, it is the bit of data that starts with "CI." So you will see "CIE" in the METRO Description if you have chosen "Discharged Through Bankruptcy Ch. 7" in the Indicator field.
When you select a choice in the Credit Report Details, Collect! automatically updates the information in the METRO contact and reports it when you run your CBR report.
When a Ch7 bankruptcy has been discharged, you simply select this choice from the Indicator pick list in the Credit Report Details and this will report the code E on the account. That's all you have to do.
Although you cannot cause this process to occur with a contact plan, you could use a contact plan to schedule a review for the account. Then you could use the Batch Processing to process a Batch of accounts that all have the ch7 Bankruptcy discharged.
So one thing you could do is to set up a contact plan with a few events. When the ch7 bankruptcy is discharged, run the plan to change the status of the account and schedule a review for a special operator desk.
Then you can load that operator's WIP and process the WIP list to prepare accounts for reporting to credit bureaus. When you get to the Select Bureau Report Details screen in the batch processing, you can select the Info Indicator for Discharged through ch7 bankruptcy and process all the accounts at once this way.