Business Processes
Address Confirmation
Credit Bureau Extract Metro 2 Format users.
When the reporter has received an address discrepancy notification from a consumer reporting agency or has discovered that a client's address is not confirmed or undeliverable.
LeasePak Updates/Processes
- U0203 Lessee/API
- U0217 Guarantor/API
- U0462 Credit Bureau Extract
Relevant LeasePak Interface Fields
- U0203 Lessee, U0217 Guarantor, or corresponding APIs
- "Address Type"
- "Address Status"
| Metro 2 Impacted Fields | Relevant Code Values |
|---|---|
| Address Indicator – User inputs in "Address Type" and/or "Address Status"; LP reports based on settings between these two fields |
C – Confirmed/Verified address Y – Known to be address of primary consumer N – Not confirmed address M – Military address S – Secondary Address B – Business address — not consumer's residence U – Non-deliverable address/Returned mail D – Data reporter’s default address P – Bill Payer Service — not consumer’s residence |
Process Overview
If the User sets "Address Status" to N or U in U0203 Lessee/API or U0217 Guarantor/API, U0462 Credit Bureau Extract will report N or U in place of any value the User has entered in "Address Type" for the Metro 2 field Address Indicator.
If the User sets "Address Status" to C, U0462 will report Address Indicator as C once, then default to reporting the value in "Address Type" for the Address Indicator. U0462 will not report C again unless the User first clears the value in "Address Status" or updates it to something other than C, saves the change, then enters and saves C again.
LeasePak User Process
To report an address as not confirmed or undeliverable:
- Use interactive U0203 Lessee, interactive U0217 Guarantor, or third-party interface via the corresponding API to set "Address Status" to N or U
- N – Not confirmed address; use this when the status of the address is under investigation or if you have received an address discrepancy notification from a consumer reporting agency
- U – Non-deliverable address/returned mail; use this when you have received notification or otherwise discovered that the address is undeliverable
To report an address as confirmed:
- Use U0203 or U0217 to set "Address Status" to C
- C – Confirmed/verified address; use this when the address is confirmed to be a deliverable address belonging to the lessee or when an address has been verified after receiving an address discrepancy notification from a consumer reporting agency
If you need to reconfirm a previously confirmed address ("Address Status" already set to C), you must first update the lessee or guarantor with "Address Status" set to (blank) or a value other than C, then again set "Address Status" to C. This will indicate to U0462 Credit Bureau Extract to report the C at the end of the current reporting period.
- C – Confirmed/verified address; use this when the address is confirmed to be a deliverable address belonging to the lessee or when an address has been verified after receiving an address discrepancy notification from a consumer reporting agency
To set the default Address Indicator value when C, N, or U do not apply:
- Use U0203 or U0217 to set "Address Type" to one of the following:
- Y – Known to be address of primary consumer; use this for the main lessee
- M – Military address; use this for the main lessee or any co-lessee or guarantor
- S – Secondary Address; use this for a co-lessee or guarantor
- B – Business address, not consumer's residence; use this for the main lessee or any co-lessee or guarantor
- D – Data reporter's default address; if using the data reporter's address and setting "Address Type" to D because actual client address is not confirmed, undeliverable, or unknown, User can also enter N or U in "Address Status" (see below) if applicable
- P – Bill Payer Service, not consumer's residence; use this for the main lessee or any co-lessee or guarantor
Values based on 2016 CRRG. User should check with most recent CRRG for current list of Address Indicator values.
Business Processes |
Appendix
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The information contained in this document is the sole property of NETSOL Technologies, Inc. Use of the information contained herein is restricted. Conditions of use are subject to change without notice. NETSOL Technologies, Inc. assumes no liability for any inaccuracy that may appear in this document nor does it have the obligation to update any of the information contained herein; the contents of this document do not constitute a promise or warranty. The software described in this document is furnished under license and may be used or copied only in accordance with the terms of said license. Unauthorized use, alteration, or reproduction of this document without the written consent of NETSOL Technologies, Inc. is prohibited.