Charging Off Loan Account (3)

The member’s account and loan suffix and the member's full name.

This field is used to assign this member to a statement group, based on how you want statements to be handled.

A common reason for assigning a Statement Mail Group is to prevent statements from being mailed to charged-off members. Therefore, enter the code you have configured for charged-off memberships. Click the lookup button to display a window showing a list of available codes.

• These codes are configured using the Statement Mail Group Configuration.

Leave this box checked to exclude members from marketing and solicitation third party emails and marketing communications, which might include special rates or promotions.

Leave this box checked to exclude members from credit union generated emails and marketing communications that might be educational in nature, such as information about a better certificate rate or loan rate offering, which might include special rates or promotions.

(Required field) Use the lookup to select the appropriate write off code.  Write off and charge off codes are configured here,

(Required field)  Enter the date of the board meeting when this write off was approved.

Use the lookup and select an Employee ID responsible for approving the write off.

Enter the date of the bankruptcy.  The "Type" field allows you to enter a free form text, such as "Chapter 7."  Both fields can be overridden when the loan is charged off.

Enter the amount of the judgment. (This will override any entry at write off.)

Enter the date the judgment was obtained on. (This will override any entry at write off.)

Enter the date the collateral was liquidated on.  (This will override any entry at write off.)

Enter the estimated recovered amount of the collateral.  (This will override any entry at write off.)

Enter or update the amount of interest accrued since write-off.(This will override any existing amount in this field.

Will CU*BASE keep track of daily loan interest even after a loan has been written off?

I noticed a value in the "Int accrued since write-off" field on a written-off loan, but that amount doesn't match what I would have expected, since this loan was written off a few years ago.

What is the calculation for "interest accrued since write-off" on written-off loans?

Enter or update the total collection expenses. (This will override any entry at write off.)

Enter or update the total fines or fees. (This will override any entry at write off.)

Indicates whether or not the loan is reported to the credit bureau(s).

• IMPORTANT: If this loan account represents a credit card in collections, this flag should NOT be checked. Since the credit card balance also resides at your credit card processor, this avoids duplicate trade lines from being reported on the member's credit bureau report.

• IMPORTANT: This flag should be left unchecked if this member or any of his co-signers do not have valid SSNs, or if there are duplicate SSNs for any of the co-signers. Invalid SSNs may cause the credit bureau to reject the entire tape of loan information (for all online credit unions). Refer to the CU*BASE Standards for Social Security Numbers document for details.

These two 1-character fields are used for Credit Bureau reporting purposes. Click the lookup button to choose from a list of valid codes.

• NOTE: If you wish to enter a 2-character code, enter the first letter into the first field, and the second letter into the second field.

Click here for a list of valid codes.

This is used to report the status of the loan account as it relates to credit bureau reporting. Click the lookup button to choose from a list of valid codes.

If this field is left blank (00) and the account is delinquent, CU*BASE will determine the appropriate numeric credit bureau code (71 through 84) to be reported. However, if you wish to override the code calculated by CU*BASE, you may enter a valid status code here and it will be reported instead.

Click here for a list of valid codes.

Use this to report the member's bankruptcy status, or to change/remove a previously-reported bankruptcy status. Click the lookup button to choose from a list of valid codes.

Click here for a complete list of codes.

• NOTE: This indicator is a little different from the others. You only need to report a bankruptcy indicator once. But if you wish to remove a previously-reported bankruptcy status for a member, you must enter one of the designated removal codes. Leaving the field blank does NOT remove a previously-reported bankruptcy code.

Use this code when reporting consumer disputes and other conditions it compliance with the Fair Credit Reporting Act (FCRA).

Check this box if you would like to add an additional note to the member's Collections Tracker in addition to the system-generated one.  After the loan is charged off, a Tracker conversation window will open allowing you to enter an additional comment.

Check this to add this member to your blocked persons list.  This action will add this member to your credit union's Blocked Persons list. Also referred to as a “Fraud Alert” list, this database allows you to record names and, if known, SSNs of individuals for whom membership should be denied. It can also serve as a flag that additional verification of a person's identity may be required before opening a membership.  You can also add a person to the Blocked Persons list by using Tool 892 Update Fraud Alert/Blocked Persons List.

There are situations where you may wish to exclude a membership from being monitored for dormancy after it is charged off.

Check this box to exclude this membership from being monitored for dormant status or assessed any fees after the loan is written off. (This will exclude this member from being declared dormant, regardless of transaction activity after it is written off.)

SEE ALSO:CU*BASE Dormancy and Escheat Monitoring

Use the lookup to select an account closed reason code.  These are configured here.

Use the lookup to select a delinquency fine code. These are configured here.

Select a freeze code. Learn more here.