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Withdrawn Description Codes vs Stop Description Codes

Metro 2 fields:

Description codes that will report as withdrawn:

  • Only applies to accounts that have been previously reported
  • Account will appear in the next credit reporting file after the credit reporting eligibility date has passed 
  • Sets the credit reporting flag to "withdrawn"

Description codes to stop accounts from being reported in the future:

  • Only applies to accounts that have never been reported
  • Sets the credit reporting flag to "do not report" and account can only be reported in the future by using the smart code feature "credit report as new account"
  • The "do not report" flag will not update until the account's eligibility date has been met and the credit reporting process has been run

System Parameters field:

Stop cred.reporting codes:

  • Only applies to accounts that have never been reported 
  • Credit reporting flag stays as "cred.rept new on" and account will report on the next run only if the description code is removed and the credit reporting eligibility date has passed
  • This option can be used to temporarily suspend, further delay or hold a new account from being credit reported. 

Note: Never use the same description code on these separate field options. For example, you should never have the same description code in the withdrawn option and the stop from credit reporting option at the same time. These have totally different functionalities. 

Note: If you currently have a situation where description codes from 2 or more of these options exist on the same account, please review the accounts carefully to determine which description code should be on the account so you will know how to correct the issue.

Note: When setting up Smart Codes for stopping or withdrawing accounts you should always have the Smart Code check the current credit reporting flag so that the Smart Code will apply the correct Description Code in all cases. Do not allow users to decide which is needed.

Keywords - Kbase Credit Reporting Description Codes

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