- Contents
- Index
Bankruptcy and Deceased Statuses
The system reports accounts with a bankruptcy or deceased debtor status based on specific business rules and requirements.
Bankruptcy Status
To report a bankruptcy, you must specify a bankruptcy chapter for the account in the Work Form in Latitude. If you don't specify a bankruptcy chapter, the system doesn't evaluate the account for bankruptcy reporting. You must also specify the legal milestone dates (as applicable) in the Work Form. The system uses the following legal milestone dates to determine the correct Consumer Information Indicator:
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Date Filed: Date the debtor filed for bankruptcy with the bankruptcy court.
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Notice Received: Date the customer received a notice that the debtor filed for bankruptcy.
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Proof of Claim: Date the customer sent a proof of claim to the court.
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Date Time 341: Date and time of the creditors meeting.
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Dismissal Date: Date the court dismissed the bankruptcy.
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Reaffirmation Filed Date: Date the customer filed the reaffirmation with the court.
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Discharge Date: Date the court discharged the bankruptcy.
You must specify the date filed before the system can determine any other current state of the bankruptcy. The most significant date or the most current date with a supporting filing date determines the actual Consumer Information Indicator. If you don't specify a legal milestone date, the system reports a "Z" bankruptcy code (bankruptcy - undesignated chapter).
Filed bankruptcy accounts
The system appends a "D" to "paymenthistoryprofile" for bankruptcy accounts that are in a filed status for the period beginning with the date filed through the cycle end date. This process applies to first-party charge-off accounts only.
Dismissed bankruptcy accounts
When you specify a bankruptcy dismissal date for an account in the Work Form, the system reports a "Q" status to the credit bureaus for the associated Consumer Information Indicator. The system then changes the account status to "Active 97".
Deceased Debtor Status
To report a deceased debtor on an account, you must specify at least the date of death in the Work Form.