Knowledgebase: Credit Bureau Reporting
Date Opened for CBR
Posted by Linda, Last modified by on 07 June 2007 09:31 PM
For credit reporting purposes, "Date Opened" is the date you first started reporting an account to the bureaus. It means the date an account was opened in the credit bureau's records. |
When you are reporting as third party collections, the rules are that a debtor must be delinquent for 31 days before being turned over to collections. Since Collect! uses the Listed Date to store the date that the debtor is listed in your database, that usually coincides with the date it is turned over to collections.
If you are reporting returned checks, the Date Opened is the date the check was written.
Credit grantors have the option of reporting the Charged Date instead of the Listed Date, as the Date Opened for credit reporting purposes. However, if you are going to be reporting as a collection agency, this is not an option.
If you are using the Listed Date for other purposes, you might want to consider using another available date field on the Debtor form for those purposes so that you can use the Listed Date properly for reporting purposes. If we can help you work out a different way of tracking accounts for your internal needs, please let us know.
TIP: If you do not want to report an account, you don't switch ON credit bureau reporting. Also, you can switch it on and use "Delay Days" to push the first reporting date into the future.