Business Processes
Business Account Where Client is Personally Liable
Credit Bureau Extract Metro 2 Format users.
Where the main lessee is a business, but another client associated with the account is a consumer and personally liable.
LeasePak Updates/Processes
- U0203 Lessee/API
- U0217 Guarantor/API
- U0462 Credit Bureau Extract
Relevant LeasePak Interface Fields
- U0203 Lessee/API
- "Business Indicator"
- U0217 Guarantor/API
- "Business Indicator"
| Metro 2 Impacted Fields | Relevant Code Values |
|---|---|
| ECOA Code – LP will set to W if client is a business | W – Business/Commercial |
| Surname (First Name, Middle Name as needed) – LP populates with business name if client is a business | N/A |
Process Overview
U0462 Credit Bureau Extract will use "Business Indicator" field to determine whether to set ECOA to W and report business name in the Surname (and First Name, Middle Name as needed) field(s) of the J2 Segment.
LeasePak User Process
Use interactive U0203 Lessee (for lessees and co-lessees), interactive U0217 Guarantor, or third-party interface via the corresponding API to set:
- "Business Indicator" according to whether the client is reportable as a business or an individual (consumer). Clients who are sole proprietors or partners are generally reportable as consumers, even if the lease or loan is for the clients' business
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.