Credit Reporting Closed Accounts

1) If the account has never been reported to the credit bureau: 

• If the account is closed with an inactive close code the credit reporting flag will change to "do not report" when the METRO2 credit reporting process is ran and the account will not be selected for the file
• If the account is closed with a close code 1 (Paid in full) the credit reporting flag will change to "do not report" when the METRO2 credit reporting process is ran and the account will not be selected for the file. 
• If the account is closed with an active close code the credit reporting flag will change to "cred.rept new on xx/xx/xx" when the METRO2 credit reporting process is ran and the account will be selected for the file

2) If the account has been previously reported to the credit bureau:

• If the account is closed with an inactive close code the credit reporting flag will change to "reported as withdrawn" when the METRO2 credit reporting process is ran and the account will be selected for the file
• If the account is closed with a close code 1 (Paid in full) the credit reporting flag will change to "Reported - PIF" when the METRO2 credit reporting process is ran and the account will be selected for the file. NOTE: Per the Credit Bureau rules (Fall 2017) we report the PIF for 90 consecutive days
• If the account is closed with an active close code, you must apply a "withdrawn" description code to the account prior to running the METRO2 credit reporting process. The account will then be selected for the file and the credit reporting flag will change to "reported as withdrawn"

Keywords - Kbase Credit Reporting Credit Bureau